China turns caviar into a cheap snack The price of caviar crashed from $24 an ounce in January 2012 to a bit less than $10 an ounce in November 2018. China has become a big producer and from 2012 to 2017, U.S. imports of Chinese caviar increased fivefold.

Use the demand and supply model to explain why the quantity of caviar consumed has increased and the price of caviar has fallen. What most likely happened to the demand for caviar and the quantity of caviar demanded?