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The question is: In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a
The question is:
In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue.(Source: New York Times, July 28, 2012)Despite the larger quantity of lobster caught, the total revenue of the fisherman decreased. This fact means that the demand for lobster is
The answer is:
inelastic.
Why does this make it elastic? I know what elastic means, just not sure what the relationship is here.
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