Assume both the demand for beef and the supply of beef decrease. Which of the following outcomes is certain to occur?
A. The equilibrium quantity of beef will rise.
B. The equilibrium quantity of beef will fall.
C. The equilibrium price of beef will fall.
D. The equilibrium price of beef will rise.
Answer: B
You might also like to view...
Using a broad definition, a firm would have a monopoly if
A) it produced a product that has no close substitutes. B) it does not have to collude with any other producer to earn an economic profit. C) it can make decisions regarding price and output without violating antitrust laws. D) there is no other firm selling a substitute for its product close enough that its economic profits are competed away in the long run.
This agency regulates workplace safety and health conditions
A) Environmental Protection Agency B) Consumer Product Safety Commission C) Equal Employment Opportunity Commission D) Occupational Safety and Health Administration
Geo Sports, a football gear manufacturer, is considering expanding its factory. Which of the following describes the best conditions for a factory expansion?
a. The long-run average total cost curve is a horizontal line. b. The slope of the long-run average total cost curve is positive. c. The slope of the long-run average total cost curve is negative. d. The slope of the long-run average total cost curve is zero.
The ________ the reserve ratio, the ________ the money multiplier.
A) smaller; larger B) smaller; smaller C) larger; larger D) None of the above are correct