« previous next »

Author Question: When the price of beef rises, consumers switch consumption to substitutes such as chicken and fish, ... (Read 87 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?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

puffer fish puffer fish
Fish Fish
Fish and chips Fish and chips
Look at Table 4.2.2. Consumers learn that the rubber ducks wear out batteries quickly. As a ... Look at Table 4.2.2. Consumers learn that the rubber ducks wear out batteries quickly. As a ...
chicken anatomy chicken anatomy
There are four hospitals (consumers in this example) willing to pay the following amounts for a ... There are four hospitals (consumers in this example) willing to pay the following amounts for a ...
Video: Brain Anatomy Animation (Part 2 of 2)

For a complete list of videos, visit our video library