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# Consumers will be hurt by the new lower ceiling on halibut catches. Gi

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Senior Manager
Joined: 11 Jun 2007
Posts: 307
Consumers will be hurt by the new lower ceiling on halibut catches. Gi  [#permalink]

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30 Nov 2007, 08:37
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Consumers will be hurt by the new lower ceiling on halibut catches. Given the law of supply and demand, these restrictions are likely to result in an increase in the price of the fish.

Which one of the following, if assumed, would do most to justify the claim that the price of halibut will increase?

(A) The demand for halibut will not decrease substantially after the new restrictions are imposed.

(B) There is a connection between the supply of halibut and the demand for it.

(C) The lost production of halibut will not be replaced by increased production of other fish.

(D) The demand for other fish will be affected by the new restrictions.

(E) The amount of halibut consumed represents a very small proportion of all fish consumed.
Senior Manager
Joined: 06 Mar 2006
Posts: 351
Re: Consumers will be hurt by the new lower ceiling on halibut catches. Gi  [#permalink]

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30 Nov 2007, 10:11
I am kind of between A and B for this one.
C the lost of production is irrelevant
D the demand for other fish is unrelated
E the amount of fish consumed is kind of out of scope

Well although between A and B, B says the connection between the supply and demand, but what kind of connection?

I think I will probably go with A here. If the demand does decrease, the price will not go up.
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Joined: 29 Mar 2007
Posts: 1664
Re: Consumers will be hurt by the new lower ceiling on halibut catches. Gi  [#permalink]

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30 Nov 2007, 12:31
eyunni wrote:
Consumers will be hurt by the new lower ceiling on halibut catches. Given the law of supply and demand, these restrictions are likely to result in an increase in the price of the fish.

Which one of the following, if assumed, would do most to justify the claim that the price of halibut will increase?

(A) The demand for halibut will not decrease substantially after the new restrictions are imposed.
(B) There is a connection between the supply of halibut and the demand for it.
(C) The lost production of halibut will not be replaced by increased production of other fish.
(D) The demand for other fish will be affected by the new restrictions.
(E) The amount of halibut consumed represents a very small proportion of all fish consumed.

This one is kinda wierd. B/c I see A and C as both valid choices.

Id prolly go for C on this one. b/c if we negate C, then the decreased supply of halibut is replaced by lets say Cod. thus this donest increase the price. Im still not sure though b/c

A if negated also works... i dunno maybe reasoning is C is too weak.
Intern
Joined: 10 Feb 2007
Posts: 30
Re: Consumers will be hurt by the new lower ceiling on halibut catches. Gi  [#permalink]

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30 Nov 2007, 17:24
Reasoning: if supply goes down and demand doesn't, the price will increase. If the demand for Halibut does not go down, then the decrease in supply will drive the price up.

(A) The demand for halibut will not decrease substantially after the new restrictions are imposed. Correct. If the demand for halibut does not decrease substantially, the price will increase since there will be less of it.
(B) There is a connection between the supply of halibut and the demand for it. yes but why?
(C) The lost production of halibut will not be replaced by increased production of other fish. Doesn't matter if the production will be replaced by other fish. If the public still demand for Halibut, the price will still increase.
(D) The demand for other fish will be affected by the new restrictions. irrelevant
(E) The amount of halibut consumed represents a very small proportion of all fish consumed. doesn't matter what is the consumption. The issue is demand versus supply

Director
Joined: 13 Nov 2003
Posts: 592
Location: BULGARIA
Re: Consumers will be hurt by the new lower ceiling on halibut catches. Gi  [#permalink]

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01 Dec 2007, 00:19
Hi,think that A is correct.
in B we know that there is a connection between suply and demand so we may have proportional decrease in demand following the imposed restrictions on the catch and no price change
C- the demand for other fish will not be affected-we know nothing about possible conection between demand for halibut and demand for other fish
D-the demand for other fish will be affected-how?-up or down, not clear
E- the amount of halibut is a small part-think that this is irrelevant
Director
Joined: 04 Sep 2015
Posts: 626
Location: India
WE: Information Technology (Computer Software)
Re: Consumers will be hurt by the new lower ceiling on halibut catches. Gi  [#permalink]

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19 Jul 2017, 08:38
1
Consumers will be hurt by the new lower ceilings on halibut catches. Given the law of supply and demand these restrictions are likely to result in an increase in the price of the fish.

Which one of the following, if assumed, would do most to justify the claim that the price of halibut will increase?

(A) The demand for halibut will not decrease substantially after the new restrictions are imposed. if the demand of the halibut remains the same then the prices will increase but if the demand of the halibut also decreases then the prices will not increase.

(B) There is a connection between the supply of halibut and the demand for it.This is opposite logic for the given statement and the demand is not responsible for the restrictions. this choice is a trap answer with similar meaning but is out of scope.

(C) The lost production of halibut will not be replaced by increased production of other fish.other fish is not discussed

(D) The demand for other fish will be affected by the new restrictions.other fish is out of scope

(E) The amount of halibut consumed represents a very small proportion of all fish consumed.the market proportion is not discussed
Director
Joined: 13 Mar 2017
Posts: 717
Location: India
Concentration: General Management, Entrepreneurship
GPA: 3.8
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Re: Consumers will be hurt by the new lower ceiling on halibut catches. Gi  [#permalink]

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08 Aug 2017, 22:24
Consumers will be hurt by the new lower ceilings on halibut catches. Given the law of supply and demand these restrictions are likely to result in an increase in the price of the fish.

Which one of the following, if assumed, would do most to justify the claim that the price of halibut will increase?

(A) The demand for halibut will not decrease substantially after the new restrictions are imposed.
This seems correct at the first instance as fish might be really tasty and its demand might not decrease. Since demand will not decrease price will increase.

(B) There is a connection between the supply of halibut and the demand for it.
There is a inverse relation between demand and supply of every item unless there is a certain other factor acting (For e.g. a new research says that due to the consumption of this fish people will get some serious disease which has been just discovered.). So this is just a statement or rather fact and not a valid assumption for the increase in price of the halibut.

(C) The lost production of halibut will not be replaced by increased production of other fish.

This is out of scope as we don't know if the lost production of halibut will be replaced by increased production of other fish or not. Also we don't know the behaviour of customers who would like to purchase halibut or some alternative. It's a real life trap.

(D) The demand for other fish will be affected by the new restrictions.
Out of scope. We don't know the exact relation between demand of halibut and other fishes. The demand of other fishes might increase but we can't say anything about it. It's a real life trap.

(E) The amount of halibut consumed represents a very small proportion of all fish consumed.
If the consumption of halibut represents a very small proportion of consumption of all fishes. Then also the price might increase slightly. So it also supports the price increase. But A is a better option.

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Re: Consumers will be hurt by the new lower ceiling on halibut catches. Gi  [#permalink]

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27 May 2020, 02:53
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Re: Consumers will be hurt by the new lower ceiling on halibut catches. Gi   [#permalink] 27 May 2020, 02:53