Which of the following will cause an inward shift in the demand for steaks at a restaurant?
a. A report by the American Medical Association states that the consumption of steak reduces the risk of cardiovascular disease
b. A 50 percent reduction in the price of steaks
c. A double-digit increase in the price of chicken
d. A recession leading to a significant fall in the income levels of consumers
e. The expectation that the price of steaks will double within two months
Question 2
Which of the following is not a question that scarcity forces all societies to answer?
a. Which goods and services are to be produced?
b. How are goods and services to be produced?
c. Who will get the goods and services produced?
d. How can scarcity be eliminated?
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