What effect would an increase in the price of pork have on the demand for beef?
A) It would decrease the demand for beef.
B) It would decrease the demand for beef only if the demand for beef is elastic.
C) It would increase the demand for beef.
D) It would increase the demand for beef only if the demand for beef is inelastic.
E) It would have no effect, because a change in price affects only the quantity demanded, not the demand.
C
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The ability of a firm or country to produce a good or service at a lower opportunity cost than other producers is called absolute advantage
Indicate whether the statement is true or false
The labor force participation rate:
A. is measured by the labor force divided by the total population. B. tells us what fraction of the working-age population wants to be working. C. typically rises during periods of recession. D. is measured by those employed divided by the working-age population.
If trade is mutually beneficial, then increasing trade
A. Increases the welfare of producers that compete with importers. B. Reduces income for workers in export industries. C. Makes countries less interdependent. D. Leads to increased output in export industries.
Scott and Cindy both produce only pizza and tacos. In one hour, Scott can produce 20 pizzas or 40 tacos. In one hour, Cindy can produce 30 pizzas or 40 tacos. Scott's opportunity cost of producing 1 taco is
A) 1/2 of a pizza. B) 1 pizza. C) 2 pizzas. D) 20 pizzas. E) 2 tacos.