Final consumer demand for poultry in the US increases (shifts to the right) if
a) consumer income decreases
b) the price of chicken decreases
c) the price of beef increases
d) the price of pork decreases
c) the price of beef increases
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There is a distinction between the long-run aggregate supply (LRAS) curve and the short-run aggregate supply (SRAS) curve. In the long run
A) the aggregate supply curve is horizontal, while in the short run it is upward sloping. B) all adjustments to changes in the price level have been made, but in the short run all changes in the price level do not occur. C) technology is fixed, but not in the short run. D) the price level is constant in the long run, but fluctuates in the short run.
In 1984, the National Minimum Drinking Age Act was passed, raising the legal age to consume alcoholic beverages in the United States from 18 to 21
If the legal drinking age was changed back to 18, how would this affect the market for alcoholic beverages? What would happen to the equilibrium price and quantity of alcoholic beverages?
Goods or services that can be produced only by using unique or rare productive resources tend to have a low elasticity of supply
Indicate whether the statement is true or false
An arrangement in which a group of countries give each other preferential trade terms is
a. Generalized System of Preferences b. customs union c. foreign trade zone d. General Agreement on Tariffs and Trade e. all of the above