How might a problem like the Bird Flu which can make thousands of birds sick and scare consumers about possible problems with eating items like chicken or eggs affect the market for chicken?
A. Price increases and quantity is indeterminate
B. Quantity increases and price is indeterminate
C. Quantity decreases and price is indeterminate
D. Price decreases and quantity is indeterminate
Answer: C
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If giving to public goods is subsidized through deductions under a progressive income tax, the government subsidizes public goods consumed by higher income individuals at greater rates than public goods consumed by lower income individuals.
Answer the following statement true (T) or false (F)
When the equilibrium dollar price of a foreign currency decreases due to changes in demand for or supply of the foreign currency, the domestic currency
A) has appreciated. B) has depreciated. C) is overvalued. D) is undervalued. E) is revalued.
A reduction in regulation will shift the aggregate:
A. supply curve leftward. B. supply curve rightward. C. demand curve leftward. D. demand curve rightward.
The highest-valued alternative that must be given up to engage in an activity is the definition of
A) economic equity. B) marginal benefit. C) opportunity cost. D) marginal cost.