Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. Assuming that lionfish is an inferior good, what will likely happen to fishing efforts if income increases?
A) Fishing efforts will increase.
B) Fishing efforts will decrease, especially when supply is relatively inelastic.
C) Fishing efforts will decrease, especially when supply is relatively elastic.
D) None of the above.
Question 2
Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. Assuming that lionfish is a substitute for snapper, what will likely happen to fishing efforts for lionfish if the price of snapper increases?
A) Fishing efforts will increase.
B) Fishing efforts will decrease.
C) Fishing efforts will remain the same if supply is perfectly inelastic.
D) A and C
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