The income of consumers increases. and the wage rate in the seafood industry increases. As a result
A) the price of seafood stays the same and the quantity sold can either increase or decrease, depending on whether the change in demand is greater than the change in supply.
B) the price of seafood increases and the quantity sold can either increase, decrease or stay the same depending on whether the change in demand was greater than the change in supply.
C) the equilibrium quantity sold increases and price can either increase or decrease, depending on whether the change in demand is greater than the change in supply.
D) the equilibrium quantity sold can either increase or decrease and the price can either increase or decrease, depending on whether the change in demand was greater than the change in supply.
Answer: B
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