« previous next »

Author Question: When the price of beef rises, consumers switch consumption to substitutes such as chicken and fish, ... (Read 75 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?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

Serum cholesterol testing in adults is recommended every 1 to 5 years. People with diabetes and a family history of high cholesterol should be tested even more frequently.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Life-history cube, a classification of fish, mammals, and altricial birds based on three dimensionle Life-history cube, a classification of fish, mammals, and altricial birds based on three dimensionle
cheat sheet for cuts of beef. cheat sheet for cuts of beef.
Ghost fish Ghost fish
(a) Chicken pox vesicles. (b) Chicken pox on back of young patient. (a) Chicken pox vesicles. (b) Chicken pox on back of young patient.
chicken anatomy chicken anatomy
Structure and function of the gills of a bony fish. Structure and function of the gills of a bony fish.
Video: Primary and secondary response to infection

For a complete list of videos, visit our video library