« previous next »

Author Question: When the price of beef rises, consumers switch consumption to substitutes such as chicken and fish, ... (Read 32 times)

jhjkgdfhk

  • Hero Member
  • *****
  • Posts: 569
on: Jul 1, 2018
When the price of beef rises, consumers switch consumption to substitutes such as chicken and fish, thereby decreasing the demand for beef.
 
  Indicate whether the statement is true or false

Question 2

The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. Which of the following is the firm's demand for labor?
 
  A) w = 200 - 8L
  B) w = 200 - 4L
  C) w = 100 - L
  D) w = 2L


raili21

  • Sr. Member
  • ****
  • Posts: 324
Reply #1 on: Jul 1, 2018
Answer to Question 1

False. The statement confuses a change in quantity demanded with a shift in demand. When the price rises, consumers find substitute goods to consume, which reduces the quantity demanded, not the demand curve.

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Less than one of every three adults with high LDL cholesterol has the condition under control. Only 48.1% with the condition are being treated for it.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Measuring BMR via oxygen consumption with indirect calorimetry. Measuring BMR via oxygen consumption with indirect calorimetry.
Endocrine System - Fish Endocrine System - Fish
Fish disection photo Fish disection photo
Julie Green, Don't Name Fish after Friends. Julie Green, Don't Name Fish after Friends.
Beef Prime Rib Beef Prime Rib
The fish heart has one atrium and one ventricle The fish heart has one atrium and one ventricle
Video: EpiPen Animation (Part 1)

For a complete list of videos, visit our video library