Explain how an increase in the price of leather brought about by shift in tastes may lead to an increase in the supply of beef
What will be an ideal response?
An increase in the price of leather will lead to an increase in the quantity of leather supplied. Thus, as ranchers raise more cattle (to increase the quantity of leather supplied), they will also have more beef to supply to the market.
Economics
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Improved quality in health care services is partly responsible for increases in health care costs in the United States
Indicate whether the statement is true or false
Economics
The theory that firms will be slow to change their products' prices in response to changes in demand because there are costs to changing prices is called
A) transactions cost theory. B) cost—benefit theory. C) menu cost theory. D) gift exchange theory.
Economics