In the absence of government restrictions, what are the equilibrium price and quantity? What is the demand price at which consumers wish to purchase 80,000 pounds of lobsters?

You must be licensed to harvest lobster in maine

The market equilibrium price determines the price at which lobsters are available for purchase. You can calculate the market equilibrium price using supply and demande curves. If there are no government or external restrictions to a market, equilibrium is when the supply and demand curves equal each other. This can be found at E in the diagrams. The equilibrium point has Supply = Demand equal to 80,000 lobsters and price = $10 per pound.

This is why there are no restrictions on the market and no external influences that can affect prices or quantity traded.
– The Equilibrium Quantity of Lobster would be 80,000 Pounds
– The Equilibrium Price for Lobster would be $10 per Pound

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