Suppose that a disease that affects people who consume beef has been discovered in the United States. One likely result is:
A. an increase in buyers' reservation prices for beef.
B. a decrease in demand for beef.
C. a decrease in demand for chicken.
D. a decrease in the quantity demanded of beef.
Answer: B
You might also like to view...
The property that macroeconomic variables fluctuate together in patterns that exhibit strong regularities is called
A) coincidence. B) co-movement. C) correlation. D) coexistence.
The story of the prisoners' dilemma shows why
a. predatory pricing is clearly not in society's best interest. b. economists are unanimous in condemning resale price maintenance, since it inevitably reduces competition. c. oligopolies can fail to act independently, even when independent decision-making is in their best interest. d. oligopolies can fail to cooperate, even when cooperation is in their best interest.
Economic growth is an increase in real GDP per capita.
Answer the following statement true (T) or false (F)
In the above figure, starting at E3, if there is an increase in technology that causes a permanent increase in production capabilities
A) aggregate supply would shift to SRAS0 and LRAS1 would shift to LRAS0. B) aggregate supply would shift to SRAS2 and LRAS0 would shift to LRAS1. C) aggregate supply would shift to SRAS1 and LRAS0 would shift to LRAS1. D) aggregate supply would shift to SRAS1 and then return to SRAS0.