Suppose fishermen, for some national-security reasons, are suddenly prevented from venturing to the West Philippine Sea, which is an important source of the country's food supply. This leads to a sudden decrease in the available fish stocks for consumption. What are the short-run consequences of this adverse shock? (Assume that the price level P does not affect consumption.) O a. O b. P falls and Y increases. P rises and Y decreases. O c. Premains the same and Y increases. O d. P remains the same and Y decreases.

Suppose fishermen, for some national-security reasons, are suddenly prevented from venturing to the West Philippine Sea, which is an important source of the country's food supply. This leads to a sudden decrease in the available fish stocks for consumption. What are the short-run consequences of this adverse shock? (Assume that the price level P does not affect consumption.) O a. O b. P falls and Y increases. P rises and Y decreases. O c. Premains the same and Y increases. O d. P remains the same and Y decreases.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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