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Sergeu [11.5K]
3 years ago
13

The demand for lobsters is lower in the spring than in the summer. If the price of lobster is higher in spring than in summer th

en
a. there are more substitutes for lobster in summer than there are in spring.
b. there is a shortage of lobsters in spring and a surplus of lobster in summer.
c. the supply of lobster is greater in summer than in spring.
d. consumers’ tastes for lobster are greater in spring than in summer.
Business
1 answer:
SIZIF [17.4K]3 years ago
4 0

Answer:

C. Supply of lobster is greater in summer than in spring .

Explanation:

Demand & supply refer to consumers & producers ability & willingness to buy & sell at given prices respectively .

Demand curve is downward sloping, supply is upward sloping - due to law of demand & law of supply .

Market Equilibrium is where Demand = Supply & the curves intersect . Decrease in demand (Lobsters spring case) generally creates excess supply which leads to competition among sellers and reduces the prices . However if price is increasing despite of demand decrease (Lobsters  spring case) , the excess supply due to demand shortage would not have happened due to c) lesser supply in spring. So , decrease in demand off set by decrease in supply also in spring would have led to lobsters' higher price despite of lower demand in spring.

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Explanation:

The Purchasing power parity (PPP) is typically used to make comparison between the currencies of different countries' currencies and also used in comparing their standards of living.

According to PPP, the pound-mark exchange rate in 2003 will be calculated as:

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6 0
2 years ago
Indicate whether the situation below will lead to a surplus, shortage, or neither.
Masteriza [31]

If the price of a product falls to what is considered a bargain price, a shortage would occur.

A shortage occurs when the quantity demanded exceeds the quantity supplied. A shortage occurs when price is below the equilibrium price.

A surplus is when the quantity supplied exceeds the quantity demanded. A surplus occurs when price is above the equilibrium price.

When the price of a good falls to what is considered a bargain price by consumers, it means that the price of the good is below the equilibrium price.

When the price of a good is below equilibrium, quantity supplied would fall and the quantity demanded would exceed supply. As a result, there would be a shortage.

To learn more about shortage, please check: brainly.com/question/16137233?referrer=searchResults

4 0
2 years ago
Why might legal rules be insufficient for fulfilling one’s ethical responsibilities? Research current events to identify and bri
Sidana [21]

Legal norms and ethical norms are not same and sometimes not agreeable also. Some ethical norms may be wrong legally but some legal norms may be wrong ethically.

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The example of cases which are ethically right but legally wrong are cheating in taxes or driving over the speed limit or spitting by the road side. The example of cases which are ethically wrong but legal right are falsifying financials, misleading markets and many more.

4 0
3 years ago
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Explanation:

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3 years ago
Eagle Ridge, inc. issued 40 shares of $20 par value stock to its accountant in full payment for her $900 fee for assisting in se
Harlamova29_29 [7]

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