An increase in the price of poultry would lead to
A. a decrease in quantity demanded of fish and an increase in the demand for poultry.
B. a decrease in quantity demanded of poultry and an increase in the demand for fish.
C. an increase in quantity demanded of fish and a decrease in the demand for poultry.
D. an increase in quantity demanded of poultry and a decrease in the demand for fish.
Answer: B
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The real business cycle theory is based on all of the assumptions below EXCEPT
A) flexible wages. B) flexible prices. C) pure competition. D) small menu costs.
The concept of "the invisible hand" suggests that
A) products are produced out of a seller's sense of charity. B) when the seller is better off, the buyer is worse off. C) sellers exploit consumers with high prices. D) buyers and sellers are self-interested. E) the command system is the only way of efficiently allocating resources.
The Bureau of Labor Statistics computes unemployment rates for the entire adult population and for groups based on age, gender, and race
a. True b. False Indicate whether the statement is true or false
Distinguish between a change in quantity supplied and a change in supply
What will be an ideal response?