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13 May 2018
Assume that beef and pork are substitutes for consumers. Suppose there is a drought in cattle grazing areas that leads to cattle being underfed. What is the expected affect of this change in the beef market on the pork market? In the market for pork, A. the supply and the demand curves would shift leftward. B. the supply curve would shift leftward. C. the demand curve would shift rightward. D. the supply curve would shift rightward. E. the demand curve would shift leftward.
Assume that beef and pork are substitutes for consumers. Suppose there is a drought in cattle grazing areas that leads to cattle being underfed. What is the expected affect of this change in the beef market on the pork market? In the market for pork, A. the supply and the demand curves would shift leftward. B. the supply curve would shift leftward. C. the demand curve would shift rightward. D. the supply curve would shift rightward. E. the demand curve would shift leftward.
Nestor RutherfordLv2
14 May 2018
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Changes in demand factors other than the price of the good would result in a change in demand. |
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| a. An increase in demand is depicted as a rightward shift in the demand curve. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| b. An increase in demand means that consumers plan to purchase more of the good at each possible price. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| c. A decrease in demand is depicted as a leftward shift of the demand curve | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| d. A decrease in demand means that consumers plan to purchase less of the good at each possible price. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
