Multiple Choice
The demand for lobster is higher at Christmas than in February.If the equilibrium price of lobster is lower at Christmas than in February, then
A) the supply of lobster is lower in February than at Christmas.
B) consumers' tastes for lobster are greater in February than at Christmas.
C) there is a surplus of lobster at Christmas and a shortage of lobster in February.
D) there are more substitutes for lobster at Christmas than there are in February.
Correct Answer:
Verified
Correct Answer:
Verified
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