During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. As a result, there has been a significant decrease in the amount of beef produced. Which of the following best explains the decrease in production?
a. Beef producers, concerned about the health of their customers, decided to produce relatively less beef.
b. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef.
c. Individual consumers, concerned about their own health, decreased their demand for beef, which lowered the equilibrium price of beef, making it less attractive to produce.
d. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace.
c
You might also like to view...
An IOU that promises to pay a certain amount at maturity, and also to pay periodic fixed amounts until that date, is called a(n)
A. stock. B. equity. C. bond. D. futures contract.
To protect economic profits
A) a firm should try to acquire a barrier to entry. B) a firm should limit substitutes. C) a firm should have a patent if possible. D) all of these choices.
As the interest rate falls, the quantity supplied of money falls and the quantity demanded of money rises
Indicate whether the statement is true or false
During the financial crisis of 2008, firms' investment spending:
A. did not change. B. increased slowly. C. increased rapidly. D. decreased.