Once again, consider the market for lobster, which is widely considered to be a luxury. Which of the following graphs describes how an economic recession will affect the price and quantity (i.e., equilibrium price and equilibrium quantity) of lobster?        The price will increase and the quantity will decrease.       The price will decrease and the quantity will increase.       Both the price and the quantity will decrease.       Both the price and the quantity will increase.

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
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Once again, consider the market for lobster, which is widely considered to be a luxury. Which of the following graphs describes how an economic recession will affect the price and quantity (i.e., equilibrium price and equilibrium quantity) of lobster? 
 
 
 
The price will increase and the quantity will decrease.
 
 
 
The price will decrease and the quantity will increase.
 
 
 
Both the price and the quantity will decrease.
 
 
 
Both the price and the quantity will increase.
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