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These changes can affect the equilibrium price and quantity of lobsters like- The equilibrium price would fall, but the effect on the equilibrium quantity cannot be predicted.
Equilibrium is the state in which the market supply and demand balance each other, and as a result prices become stable. "A fall in consumer income causes the demand for lobster to decrease. This fall in demand will cause the demand curve to move to the left. A record garnering will cause the supply of lobster to rise. This rise in the supply will cause the supply curve to move to the right."
To know more about demand and supply click below:
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