If the market for beef cattle was initially in equilibrium, an increase in the price of the feed grains used to fatten cattle would cause
a. the demand for beef cattle to increase, driving the price of beef upward
b. the supply of beef cattle to decline, driving the price of beef upward in the long run
c. the supply of beef to increase, placing downward pressure on the price of beef in the long run
d. both supply and demand to fall, leaving the price of beef virtually unchanged
e. the supply of beef to increase, driving the price of beef down and increasing demand
Question 2
If supply decreases along a given demand curve,
a. an excess quantity demanded will be created, increasing the equilibrium price and causing equilibrium quantity to fall
b. an excess quantity supplied will be created, lowering the equilibrium price and causing equilibrium quantity to rise
c. an excess quantity demanded will be created, raising the equilibrium price and quantity
d. an excess quantity supplied will be created, lowering the equilibrium price and quantity
e. price will fall, shifting the demand curve outward, raising the equilibrium quantity
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