When comparing the equilibriums in the lobster market for August and November, the equilibrium quantity is in November than in August, while the equilibrium price is . A. lower; lower. B. higher; higher. C. lower; higher, lower, or unchanged. D. lower; unchanged.

When comparing the equilibriums in the lobster market for August and November, the equilibrium quantity is lower in November than in August, while the equilibrium price is higher, lower, or unchanged.

Option C

Explanation:

A state of market where market supply is equal to market demand thus understood as "market equilibrium". The price of equilibrium is the price of a good or service, if its supply is equal to the market demand for it.

A reduction in demand will trigger the price of the equilibrium to fall; the amount delivered will decrease. An increase in supply, unmodified for all other things, will provoke the price of equilibrium to fall; the amount requested will increase. While declining supply will cause the price of the equilibrium to rise; the demanded quantity will decrease.

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