Figure 3-4
shows conditions in the market for beef. A reduction in the price of the grain used to feed cattle results in
a.
the supply curve for beef shifting to the left resulting in higher beef prices and a lower quantity sold.
b.
the supply curve for beef shifting to the right resulting in lower beef prices and a higher quantity sold.
c.
the demand curve for beef shifting to the left resulting in lower beef prices and a lower quantity sold.
d.
the demand curve for beef shifting to the right resulting in higher beef prices and a higher quantity sold.
b
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The gross estate is
A. very disgusting. B. all property owned by decedent at time of death. C. general property that is held in a trust. D. being phased out of current tax law.
A monopoly industry: a. has very significant barriers to entry
b. faces a downward sloping demand curve. c. may earn economic profits or losses in the short run. d. has all of the above characteristics.
Most of the burden of a luxury tax falls on the middle class workers who produce luxury goods rather than on the rich who buy them
a. True b. False Indicate whether the statement is true or false
A shift in the consumption function:
A. is based on the marginal propensity to consume. B. can be caused by a change in the price level. C. can be caused by a change in GDP. D. cannot be caused by a change in expectations.