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Question 8.3.9: In the summer of 2012, due to plentiful lobsters,the price o...

In the summer of 2012, due to plentiful lobsters,the price of lobster in Maine fell to $1.25 a pound, which was 70% below normal and nearly a 30-year low. According to Bill Adler, head of the Massachusetts Lobstermen’s Association, “Anything under $4 [a pound], lobstermen can’t make any money” (Jerry A. Dicolo and Nicole Friedman, “Lobster Glut Slams Prices,” Wall Street Journal, July 16, 2012).At least 30 boats announced that they would stay in port until the price rose. However, Canadian and other U.S. fishers continued to harvest lobsters.Why did some lobster boats stop fishing while others continued?

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