A license is required to commercially harvest lobster in Maine
The market equilibrium price determines the price at which lobster-lovers would pay 80,000 pounds. You can calculate the market equilibrium price using supply and demande curves. The equilibrium point is reached when there is no restriction on supply or demand in a highly competitive market. It can also be seen at the E position of the below diagrams. The equilibrium point has Supply = Demand equal to 80,000 lobsters and price = $10 per pound.
In an open market, there is no restriction on prices and quantities.
– The Equilibrium Quantity of Lobster would be 80,000 Pounds
– The Equilibrium Price for Lobster would be $10 per Pound