Suppose consumer preference for beef starts to rise while the cost of raising beef continues to rise. In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing; increasing or decreasing B) increasing or decreasing; increasing
C) decreasing; increasing or decreasing D) increasing or decreasing; decreasing
A
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Patents create monopolies by restricting
A) demand. B) prices. C) entry. D) profit.
Which of the following was NOT one of the causes of the Asian financial crises of 1997 and 1998?
A) A current account deficit and financial account surpluses B) The use of exports as an engine of economic growth by the countries involved C) China's 1994 devaluation of its fixed exchange rate D) The appreciation of the U.S. dollar and depreciation of the Japanese yen E) Crony capitalism
If the public decides to hold more currency and fewer deposits in banks, bank reserves
a. decrease and the money supply eventually decreases. b. decrease but the money supply does not change. c. increase and the money supply eventually increases. d. increase but the money supply does not change.
The use of money is more efficient than barter because the introduction of money
A. reduces the need for economic specialization. B. reduces the need to exchange goods. C. reduces transaction costs. D. reduces the need for other stores of value.