Suppose that the supply schedule of Maine lobsters is as follows: b. What is the demand schedule for Maine lobsters now that French consumers can also buy them? Draw a supply and demand diagram that...

Suppose that the supply schedule of Maine lobsters is as follows:

b. What is the demand schedule for Maine lobsters now that

French consumers can also buy them? Draw a supply and

demand diagram that illustrates the new equilibrium price

and quantity of lobsters. What will happen to the price at

which fishermen can sell lobster? What will happen to the

price paid by U.S. consumers? What will happen to the

quantity consumed by U.S. consumers?