Recently was been discovered that farm-raised lobsters can feed on algae, which would lower the cost of feeding the lobsters.Which of the following would be a result of this discovery?

Question

Quizplus · Accepted Answer

If the cost of feeding lobsters is lowered, it would lead to an increase in the profitability of lobster farming, which would incentivize more farmers to enter the market. This would result in a rightward shift of the supply curve for lobsters, leading to an increase in the quantity of lobsters supplied.

Recently Was Been Discovered That Farm-Raised Lobsters Can Feed on Algae