Other things constant, an increase in the price of beef will:
a. encourage consumers to buy more beef
b. discourage consumers from buying as much beef.
c. shift the demand curve for beef to the right.
d. shift the demand curve for beef to the left.
b
Economics
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If the industry in the above figure was perfectly competitive, the level of output would
A) be less than the single-price monopoly level of output. B) be the same as the single-price monopoly level of output. C) exceed the single-price monopoly level of output by 20 units per day. D) exceed the single-price monopoly level of output by 60 units per day.
Economics
Refer to Scenario 1. What is the total output when 2 hours of labor are employed?
A) 80 B) 100 C) 180 D) 200
Economics