Supply and Demand

Consider the following events: Researchers shows that eating lobsters increases the risk of heart attack, and at the same time, there is a new regulation that limit the number of lobsters people can fish.

Show the effect of these two events on the market for lobsters.

only the equilibrium quantity ters both the equilibrium price and quantity only the equilibrium price shift in the directions indicated on this graph, you can be certain about the effect on without knowing the magnitude of the shifts