Shrimp is an increasingly popular part of the American diet. Louisiana shrimpers who represent the bulk of the U.S. industry were almost all put out of business by Hurricane Katrina. How did the hurricane affect the equilibrium price and quantity of
shrimp?
What will be an ideal response?
The supply curve for shrimp shifted to the left resulting in a higher equilibrium price and lower equilibrium quantity.
Economics
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In performing which of its primary functions does money solve the problem of the double coincidence of wants?
A) medium of exchange B) unit of account C) store of value D) barter system E) money supply
Economics
If productivity growth equals 3.0 percent, the contribution from capital growth 1.2 percent and the contribution from labor growth 2.0 percent, then output growth must equal ________
A) 2.2 percent B) 4.2 percent C) 6.2 percent D) 7.2 percent
Economics