An increase in the wages paid to fishermen will have what effect on the fish market equilibrium?

Name: An increase in the wages paid to fishermen will have what effect on the fish market equilibrium?
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Question

Quizplus · Accepted Answer

An increase in wages will increase the cost of production for fishermen, leading to a decrease in supply. This will shift the supply curve to the left, resulting in a higher equilibrium price and a lower equilibrium quantity. Therefore, the price will increase, and the quantity will decrease.

An Increase in the Wages Paid to Fishermen Will Have