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 this affect the equilibrium price and quantity of shrimp?
The supply curve for shrimp shifted to the left resulting in a higher equilibrium price and lower equilibrium quantity.
You might also like to view...
Refer to Figure 17-6. Salespeople would be indifferent to the two pay schemes if their monthly sales were
A) less than 20 vacuum cleaners. B) between 20 and 30 vacuum cleaners. C) between 30 and 45 vacuum cleaners. D) more than 45 vacuum cleaners.
The Baker Plan for addressing the debt crisis was based on the assumption that
A) most countries would eventually default on their debt. B) forgiveness of some of the debt was inevitable. C) hyperinflation would eventually reduce the real value of the debt. D) renewed lending by U.S. and European banks would restore growth and make the debt manageable.