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During the spring when demand for lobster is relatively low, Maine lobster fisherman are able to sell their lobster catches for about $4.50 per pound.
During the spring when demand for lobster is relatively low, Maine lobster fisherman are able to sell their lobster catches for about $4.50 per pound. During the summer when demand for lobster is much higher, Maine lobster fisherman able to sell their lobster catches for only about $3.00 per pound. It may have seem strange that the market price is higher when demand is low than when demand is high. Can you resolve this paradox with the help of a demand and supply graph?
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