Table 14.2
-Refer to Table 14.2,which shows the market for used fishing boats.Which of the following is true about this market?
A) The market is in equilibrium.
B) We can expect the price of used boats to fall.
C) We can expect the price of used boats to rise.
D) Buyers' willingness to pay for a used boat will fall.

Question

Table 14.2
-Refer to Table 14.2,which shows the market for used fishing boats.Which of the following is true about this market?
A) The market is in equilibrium. 
B) We can expect the price of used boats to fall. 
C) We can expect the price of used boats to rise. 
D) Buyers' willingness to pay for a used boat will fall.

Quizplus · Accepted Answer

Given that the market for used fishing boats is likely experiencing a situation where demand exceeds supply at the current price, this imbalance would naturally lead to an increase in prices as sellers realize they can charge more due to the higher demand for their limited supply of boats.

Table 14.2 -Refer to Table 14.2,which Shows the Market for Used Fishing