Which of the following would not shift the demand curve for beef?
A. A widely publicized study that indicates beef increases one's bad cholesterol levels
B. An effective advertising campaign by pork producers
C. A reduction in the price of cattle feed
D. A change in the incomes of beef consumers
Answer: C
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Why do negative externalities like pollution result in inefficiency?
a. Because producers artificially restrict their supply. b. Because producers ignore the external costs they impose on third-parties. c. Because producers manufacture more goods than people can afford to buy. d. Because producers will receive an unequal distribution of profits.
Average variable cost:
a. first tends to decrease, and then increase as output expands. b. remains unchanged as output expands c. always increases as output increases. d. always decreases as output expands.