Refer to Scenario 3.3 below to answer the question(s) that follow.SCENARIO 3.3: -Mustard and mayonnaise are substitutes. -Mustard and relish are complements. -Mustard is a normal good. -During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.Refer to Scenario 3.3. The government wants to protect consumers from rising food prices. Therefore, price restrictions are imposed on mustard producers, prohibiting them from raising the price of mustard. This will cause
A. an excess demand for mustard.
B. an increase in the demand for mustard.
C. a decrease in the supply of mustard.
D. an excess supply of mustard.
Answer: A
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What effect does an increase in the price of the firm's output have on its demand curve for labor? Why?
What will be an ideal response?
When a service, such as medical care, is provided free of charge,
a. most people consume an infinite amount of it b. most people do not much care about getting good value for their money c. people do not derive any consumer surplus from it d. we say that the demand for it is perfectly elastic e. we say that the demand for it is perfectly inelastic
Opportunity cost is defined monetary terms
Indicate whether the statement is true or false
________: program covering losses in income from commodity price declining reference prices
Fill in the blank(s) with correct word