Lobster populations in Maine are booming like never before. Tourists readily dole out $15 or more for lobster rolls, those delectable morsels of seafood on a bun. And environmentalists have praised the harvest as a rare example of sustainability in a sea of overfishing.
Enter market forces. Last year's record haul of 126 million pounds, double that of just a decade ago, led some to wonder whether lobster might go the way of cheap, everyday foods like the chicken nugget or TV dinner. Prices paid to lobstermen at the dock plummeted and have not recovered. They are barely enough, to cover fuel and bait.
What happens when supply increases? Prices fall and quantity sold increases.
