Question 1
Suppose there is a permanent shift of consumer preferences away from pretzels and toward potato chips. The most likely result would be
◦ in the short run, economic losses in the potato chip market.
◦ in the long run, a fall in the supply of potato chips.
◦ in the short run, a rise in the price of pretzels.
◦ short-run profits in the potato chip market increase.
Question 2
Scientists find that eating corn three times a day will prolong life. This leads to a shift in preferences away from wheat and toward corn. As we move from one equilibrium to another, we can predict that
◦ all input markets are affected.
◦ all input markets except land are affected because both products use land as an input.
◦ labor markets are not affected because the wheat industry and the corn industry use laborers to drive tractors.
◦ even if they use different technologies, no input markets are affected because they use the same inputs.
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