Suppose that a disease that affects people who consume beef has been discovered in the United States. One likely result is:
A. a decrease in demand for beef.
B. a decrease in the quantity demanded of beef.
C. an increase in buyers' reservation prices for beef.
D. a decrease in demand for chicken.
Answer: A
You might also like to view...
Competition would probably be abolished if society could find a way to abolish
A) inequality. B) scarcity. C) money. D) economists.
Why is the profitability of firms under perfect competition different when they have non-identical cost structures in comparison to identical cost structures?
What will be an ideal response?
Refer to Figure 24-1. Ceteris paribus, an increase in firms' expectations of the future profitability of investment spending would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
Which of the following transactions adds to U.S. GDP for 2015?
a. In 2015, Frank's Feta manufactures 2000 pounds of cheese that will eventually be sold to grocery stores. The 2000 pounds of cheese remains in Frank's inventory at the end of 2015. b. An Irish marketing consultant works in Richmond during the summer of 2015 and earns $45,000 during that time. c. When Len and Mika were both single, they lived in separate apartments and each paid $700 in rent. Len and Mika got married in 2015 and they bought a previously unoccupied house that, according to reliable estimates, could be rented for $1,500 per month. d. All of the above transactions add to U.S. GDP for 2015.