The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen. In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing or decreasing; increasing B) increasing; increasing or decreasing
C) increasing or decreasing; decreasing D) decreasing; increasing or decreasing
C
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If demand for a given good is perfectly elastic, it follows that
a. as price changes, quantity demanded does not change. b. as price changes, quantity demanded changes by a larger percentage. c. as price changes only a small percentage, quantity demanded falls to zero. d. as income changes only a small percentage, quantity demanded changes by a very large percentage. e. none of the above
What type of relationship does expected profitability have with respect to Investment spending?
A. Negative B. Positive C. Indirect D. Constant
Coal is very useful in the production of electricity. Red beryl, although not generally considered as very useful, is a beautiful gemstone found in the mountains of Utah, and has been described as 1,000 times more valuable than gold
Explain why red beryl costs so much more than coal.
In the above figure, if the market produces the efficient amount of purses, then consumer surplus equals triangle
A) abc. B) bcd. C) adc. D) cgf.