Refer to the above graph, which shows the market for beef where demand shifted from D 1 and D 2. The change in equilibrium from E1 to E 2 is most likely to result from:
a. A decrease in consumer incomes
b. An increase in the price of pork
c. A decrease in the tax on beef products
d. An increase in the cost of cattle feed
Ans: a. A decrease in consumer incomes
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A) equal to the natural unemployment rate. B) greater than the natural unemployment rate. C) less than the natural unemployment rate. D) zero. E) made up of only cyclical unemployment.
A firm's break-even price is the price that is just equal to the minimum point of the AVC curve, in the short run
a. True b. False Indicate whether the statement is true or false
Of the following groups, who gains from rent controls?
A) landlords
B) construction workers and their union leaders
C) poor people who have a hard time earning enough income to pay high rents
D) high-income people who live in rent-controlled apartments
What will make a change in demand cause a large change in price?
What will be an ideal response?