Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for tuna. Which panel best describes what happens in this market when there is a decrease in the productivity of commercial fishermen?

In equilibrium, all traded goods sell at the same price internationally because of

a) government intervention B) arbitrage C) the fact that the underlying value is the same everywhere D) none of the above

Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit:

A. there will be an excess demand for the product. B. there will be an excess supply of the product. C. the quantity supplied of the product will be less than the quantity demanded of that product. D. there will be a shortage of that product.