Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers. The equilibrium quantity of beef will Question 7 options:
A. stay the same.
B. perhaps increase, decrease, or stay the same, but more information is needed to determine which it does.
C. definitely either stay the same or decrease.
D.decrease.
E. increase.
E. increase.
You might also like to view...
The Doing Business reports are considered by many economists to have contributed to economic growth and poverty reduction. The effectiveness of the reports may be attributed to ________
A) their encouragement to governments to reduce impediments to business B) their encouragement to businesses to migrate to business-friendly locations C) their deepening of economists' understanding of economic growth D) their exposing of corrupt officials and practices
If fractional reserve banking exists, then:
A. banks need only keep a portion of each deposit on hand. B. the money multiplier is equal to 1. C. money cannot be created in the economy through banks. D. lending would be curtailed to nearly zero.
Suppose the price of HD televisions decreases. As a result, the
A. MP of the workers making HD televisions will increase. B. MFC of the workers making HD televisions will increase. C. MRP of the workers making HD televisions will increase. D. MRP of the workers making HD televisions will decrease.
Explain how collusion makes firms better off. Given the incentives to collude, briefly explain why every industry does not become a cartel
What will be an ideal response?