Transformations: Canonical, Critical, and Creative
19 hours ago
"However, this did not mean that the total demand for whale products decreased... It was the scarcity of whales that shifted the industry's relatively inelastic supply schedule toward the left... The industry's demand schedule shifted to the right as the market for whale products grew, but not by enough to offset the loss of revenues caused by the shift of the supply schedule to the left. "[my emphasis].