« previous next »

Author Question: When the price of beef rises, consumers switch consumption to substitutes such as chicken and fish, ... (Read 88 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?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Did you know?

The Centers for Disease Control and Prevention (CDC) was originally known as the Communicable Disease Center, which was formed to fight malaria. It was originally headquartered in Atlanta, Georgia, since the Southern states faced the worst threat from malaria.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Malaria mortality rates are falling. Increased malaria prevention and control measures have greatly improved these rates. Since 2000, malaria mortality rates have fallen globally by 60% among all age groups, and by 65% among children under age 5.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Fish Fish
Chicken egg without its shell Chicken egg without its shell
While fish-oil supplements contain omega-3 fatty acids, excessive amounts can be unhealthy for some While fish-oil supplements contain omega-3 fatty acids, excessive amounts can be unhealthy for some
fish skeletal fish skeletal
chicken anatomy chicken anatomy
Beef tacos Beef tacos
Video: Interview with Person having Obsessive Compulsive Disorder

For a complete list of videos, visit our video library