A new hormone will increase the amount of milk each cow produces. If this hormone is adopted by many dairies, what will be the effect on the milk market?
a. An increase in supply, higher equilibrium price, and lower equilibrium quantity.
b. A decrease in supply, lower equilibrium price, and lower equilibrium quantity.
c. An increase in supply, lower equilibrium price, and higher equilibrium quantity.
d. An increase in supply, higher equilibrium price, and higher equilibrium quantity.
e. A decrease in supply, lower equilibrium price, and higher equilibrium quantity.
C
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If a price ceiling of $8 were placed in the market in the graph shown, which area represents deadweight loss?
A. F + G
B. B + D
C. E
D. B + D + F + G
When the government imposes a price ceiling on a good whose price is too high,
a. an excess supply is created b. supply will increase to meet the demand c. the price ceiling becomes the rationing mechanism d. quantity demanded of the good will fall e. a shortage will arise
You are considering staying in college another semester so that you can complete a major in economics. In deciding whether or not to stay you should
a. compare the total cost of your education to the total benefits of your education. b. compare the total cost of your education to the benefits of staying one more semester. c. compare the cost of staying one more semester to the benefits of staying one more semester. d. compare the total benefits of your education to the cost of staying one more semester.
What are some data management tools to assure product availability?
a. Point of sales information b. Integrated business planning c. Predictive analytics d. ERP systems e. All of the above f. Only A, B, and C