Refer to Figure 8.1. Which graph best represents a total cost function?

If consumers spend their money only on beef and vegetables, then the substitution effect of an increase in the price of beef would result in consuming ________ beef and ________ vegetables

A) more; more B) less; fewer C) more; fewer D) less; more

Price controls are usually enacted in response to

a. popular opinion. b. governmental studies. c. scholarly research on the effects of high prices. d. laws enacted in other countries. e. All of the above are correct.