Equilibrium price and quantity in the market for fish

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Suppose the market for fish (a normal good) in the U.S. is in equilibrium. Then suppose that the workers in the fishing industry successfully negotiate for a higher wage, while at the same time average household incomes in the U.S. increase dramatically. What will happen to the equilibrium price and quantity in the market for fish?

a. Price will increase, quantity could increase or decrease

b. Price will decrease, quantity could increase or decrease

c. Price and quantity both increase

d. Price and quantity both decrease

Reference no: EM13998788

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