An increase in the demand for lobster due to changes in consumer tastes, accompanied by a decrease in the supply of lobster as a result bad weather reducing the number of fishermen trapping lobster, will result in
A) a decrease in the equilibrium quantity of lobster and no change in the equilibrium price.
B) an increase in the equilibrium price of lobster and no change in the equilibrium quantity.
C) a decrease in the equilibrium quantity of lobster; the equilibrium price may increase or decrease.
D) an increase in the equilibrium price of lobster; the equilibrium quantity may increase or decrease.
D
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If a market is dominated by a few large, interdependent firms, it is said to be a(n)
a. oligopoly b. monopoly c. integrated monopoly d. monopolistically competitive market e. perfectly competitive market
With inflation targeting, the Federal Reserve would be required to announce its targeted band for:
A. Unemployment B. Economic growth C. Changes in the price level D. Changes in the rate of taxation