An increase in the price of poultry would lead to
a. a decrease in quantity demanded of fish and an increase in the demand for poultry.
b. a decrease in quantity demanded of poultry and an increase in the demand for fish.
c. an increase in quantity demanded of fish and a decrease in the demand for poultry.
d. an increase in quantity demanded of poultry and a decrease in the demand for fish.
b
You might also like to view...
What is the opportunity cost of going from point E to point D?
A distinction between stocks and bonds is that
A) although the return on a bond is determined by the forces of supply and demand, the return on a stock is set by the stock exchange. B) stocks represent ownership claims to the company and bonds do not. C) bonds must be held for a fixed number of years whereas stocks can be bought and sold at any time. D) bonds can be traded many times in the bond market, while stocks are non-transferable. E) bonds cannot be sold to anyone other than the company that issued it while stocks can be resold to anyone.
The theory of purchasing power parity cannot fully explain exchange rate movements in the short run because
A) all goods are identical even if produced in different countries. B) monetary policy differs across countries. C) some goods are not traded between countries. D) fiscal policy differs across countries.
If an increase in price from $1.20 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units,
a. demand is elastic b. demand is inelastic c. demand is unit elastic d. supply is elastic e. supply is inelastic