Assuming that turkey, chicken, pork, and beef are substitutes, suppose that the price of turkey has fallen. This will, other things being equal
A) reduce demand for chicken, pork, and beef.
B) leave demand for chicken, pork, and beef unchanged.
C) increase demand for chicken, pork, and beef.
D) increase quantity demanded of beef.
Answer: A
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A) a quantity regulation limiting the amount that can be produced. B) a monopoly. C) a subsidy. D) an external benefit. E) producing a public good.
The number of vehicle types available in the United States has increased dramatically over the past thirty years. Everything else equal, this would make
A) the demand for individual vehicle types to become less elastic. B) the demand for individual vehicle types to become more elastic. C) the demand for all vehicle types to become unitary elastic. D) the demand for low quality vehicle types to become less elastic.
The strength of the demand for a resource depends on the following factors, except
A. supply of the resource. B. demand for the product the resource helps to produce. C. productivity of the resource. D. price of the product the resource helps to produce.
Which of the following shifts the demand for loanable funds curve leftward?
A) a fall in the real interest rate B) a rise in the real interest rate C) a decrease in the taxes paid by the business D) a decrease in the expected profit