Which of the following would NOT provide an incentive to reduce the amount of beef consumed?
A) an increase in the price of beef
B) a subsidy to buyers of beef
C) a decrease in the price of chicken
D) a ban on beef sales by the Food and Drug Administration
A
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Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Mia's opportunity cost of producing one hair pin is
A) 1/3 of a bandana. B) 2.5 bandanas. C) 3 bandanas. D) 10 bandanas.
?
In Exhibit 3-7, if price happened to currently be $75 in this market, a _______ would result, causing a __________ in price.
A. shortage; increase B. shortage; decrease C. surplus; increase D. surplus; decrease
Refer to the information provided in Figure 13.1 below to answer the question that follows.
Figure 13.1Refer to Figure 13.1. The demand curve facing an individual producer of wheat is most likely represented by
A. Panel A. B. Panel B. C. Panel C. D. Panel D.
In monopolistic competition, product improvement and development
A) are valued by the consumer at an amount equal to the costs the producers have incurred. B) yields a marginal benefit to the producer equal to price of the good. C) is less than its efficient amount. D) None of the above answers are correct.