Related to the Economics in Practice on p. 393: 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, ________ increased and ________ decreased.

Question

Quizplus · Accepted Answer

The introduction of mobile phones allowed fishermen to communicate and coordinate more effectively, leading to increased profits. However, this did not necessarily lead to a decrease in consumer prices as there may still be market power or other factors that affect pricing decisions.

Related to the Economics in Practice on P