If concerns about mad-cow disease impose economic losses on the perfectly competitive cattle ranchers, exit by the ranchers combined with no further changes in the demand for beef will force the price of beef to
A) decrease.
B) not change.
C) increase.
D) fluctuate, with the trend being lower prices.
E) probably change, but more information about the market supply of beef is needed to answer the question.
C
Economics
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The major problem with the Sherman Antitrust Act of 1890 was that
(a) it was struck down by the Supreme Court. (b) the government lacked the tools to enforce it. (c) its language was too vague to be applied the ways desired by Congress. (d) businesses found ways to use the Act clearly in their favor.
Economics
If MRS > MRT, then the consumer is better off than at equilibrium
Indicate whether the statement is true or false
Economics