Lobsters are plentiful and easy to catch in August but scarce and difficult to catch in November.

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Lobsters are plentiful and easy to catch in August but scarce and difficult to catch in November. In addition, vacationers shift the demand for lobsters further to the right in August than in any other month. Compare the equilibrium price and quantity of lobsters in August to the equilibrium price and quantity of lobsters in November. Present and discuss a supply-and-demand diagram to explain your answers.
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Microeconomics

ISBN: 978-1292079578

Global Edition 1st Edition

Authors: David Laibson, John List

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