Refer to the graph below, which shows the market for beef where demand shifted from D1 and D2. The change in equilibrium from E1 to E2 is most likely to result from:
A. A decrease in consumer incomes
B. An increase in the cost of cattle feed
C. An increase in the price of pork
D. A decrease in the tax on beef products
A. A decrease in consumer incomes
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An appreciation of a country's currency
A) decreases the relative price of its exports and lowers the relative price of its imports. B) raises the relative price of its exports and raises the relative price of its imports. C) lowers the relative price of its exports and raises the relative price of its imports. D) raises the relative price of its exports and lowers the relative price of its imports. E) raises the relative price of its exports and does not affect the relative price of its imports.
Low quality is essentially the same as
A) low price. B) efficient production. C) high price. D) low price elasticity.