Consider the market for chicken. Assuming that chicken and beef are substitutes, an increase in the price of beef will:
a. decrease the demand for chicken creating a lower price and a smaller amount of chicken purchased in the market.
b. decrease the supply of chicken creating a higher price and a smaller amount of chicken purchased in the market.
c. increase the demand for chicken creating a higher price and a greater amount of chicken purchased in the market.
d. increase the supply of chicken creating a lower price and a greater amount of chicken purchased in the market.
Question 2
Which of the following statements is true of a market?
a. An increase in demand, with no change in supply, will increase the equilibrium price and quantity.
b. An increase in supply, with no change in demand, will decrease the equilibrium price and the equilibrium quantity.
c. A decrease in supply, with no change in demand, will decrease the equilibrium price and increase the equilibrium quantity.
d. All of these.
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