Asked by Scarlet Melliz on Jul 27, 2024
Verified
Recently it has been discovered that lobsters grown on lobster farms can feed on algae,which is a cheaper lobster food.As a result of this discovery,_____.
A) the supply curve for lobster will shift to the left
B) the supply curve for lobster will shift to the right
C) there will be an increase in the quantity of lobsters supplied
D) there will be a decrease in the quantity of lobsters supplied
E) both supply and demand curves will shift to the right
Lobster Farms
Aquaculture facilities dedicated to the breeding, raising, and harvesting of lobsters for commercial use and consumption.
Algae
A diverse group of photosynthetic organisms that are not necessarily closely related, and that live in a variety of water environments.
- Identify the variables that influence supply curve repositioning.
- Analyze the effect of technological advancements on supply.
Verified Answer
SM
Stephanie ManningJul 31, 2024
Final Answer :
B
Explanation :
The discovery that lobsters can feed on cheaper algae will lower the cost of production for lobster farms, leading to an increase in the supply of lobsters. Therefore, the supply curve for lobster will shift to the right.
Learning Objectives
- Identify the variables that influence supply curve repositioning.
- Analyze the effect of technological advancements on supply.