Author Question: Shrimp is an increasingly popular part of the American diet. Louisiana shrimpers who represent the ... (Read 82 times)

mwit1967 · **on:** Jun 29, 2018

Shrimp is an increasingly popular part of the American diet. Louisiana shrimpers who represent the bulk of the U.S. industry were almost all put out of business by Hurricane Katrina.

How did this affect the equilibrium price and quantity of shrimp?

Question 2

Implicit costs are ________ and explicit costs are ________.

A) costs that involve spending money; also costs that involve spending money
B) nonmonetary costs; costs that involve spending money
C) costs that involve spending money; nonmonetary costs
D) nonmonetary costs; also nonmonetary costs

LP · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

The supply curve for shrimp shifted to the left resulting in a higher equilibrium price and lower equilibrium quantity.

Answer to Question 2

B