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.
Answer: B
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When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
Which condition will encourage competition?
A. A small number of buyers and sellers in a market. B. The freedom of sellers and buyers to enter or exit an industry. C. Government licensing requirements in order to enter an industry. D. The government serving as the only supplier of goods to consumers.