u nae 1ur I attempts remaining/There is no attempt penalty Question (2 points) a
ID: 1137194 • Letter: U
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u nae 1ur I attempts remaining/There is no attempt penalty Question (2 points) a See page 102 1st attempt Suppose that two things happen simultaneously in the market for fish. First, a new technology allows fishing boats to catch more fish while us ing the same number of crew members as before. Second, a new study shows that eating fish at least three times a week helps prevent heart attacks As a result, the equilibrium price for fish wil while the equilibrium quantity of fish will ambiguous 23/32>Explanation / Answer
As a result, the equilibrium price for fish will have an ambiguous change while the equilibrium quantity of fish will increase.
Explanation: The market developments would shift both the supply and demand curves to the right as both the supply and demand would rise. Therefore, the change in price would not be certain. Price may remain the same if both the demand and supply increase by the same proportion. However, the price will increase if the demand increases by a higher proportion than supply and the price will decrease if the supply increases by a higher proportion than demand.
The quantity, however, will increase as both the demand and supply increases.
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