Related to the Economics in Practice on p.722: By 2001,the majority of the fishing fleet in the Indian state of Kerala had mobile phones.As a result of the introduction of mobile phone service to this fishing industry,profits ________ and consumer prices ________.

Question

Quizplus · Accepted Answer

The use of mobile phones allowed fishermen to communicate with buyers and adjust their prices accordingly, resulting in increased profits for the fishermen. This also led to increased competition among buyers, ultimately leading to a decrease in consumer prices.

Related to the Economics in Practice on P