« previous next »

Author Question: When the price of beef rises, consumers switch consumption to substitutes such as chicken and fish, ... (Read 33 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?

There are more nerve cells in one human brain than there are stars in the Milky Way.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

China’s 8% annual increase in oil consumption China’s 8% annual increase in oil consumption
Campylobacter bacteria are found in most chicken meat. If chicken meat is not well cooked or raw mea Campylobacter bacteria are found in most chicken meat. If chicken meat is not well cooked or raw mea
Parasitic fish worm Parasitic fish worm
Comparison of energy consumption in developing and industrialized nations Comparison of energy consumption in developing and industrialized nations
Beef Top Round Beef Top Round
Stomias deep-sea bioluminescent fish Stomias deep-sea bioluminescent fish
Video: Wound Repair Animation

For a complete list of videos, visit our video library