From 1970 to 2017, the Real Price of Eggs Decreased

question 91

Multiple Choice

From 1970 to 2017, the real price of eggs decreased and the total annual consumption of eggs decreased. Which of the following would cause an unambiguous decrease in the real price of eggs and an unambiguous decrease in the quantity of eggs consumed?

• A) A shift to the right in the supply curve for eggs and a shift to the right in the demand curve for eggs
• B) A shift to the left in the supply curve for eggs and a shift to the right in the demand curve for eggs
• C) A shift to the left in the supply curve for eggs and a shift to the left in the demand curve for eggs
• D) none of the above

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Definitions:

Farmers

Individuals or entities engaged in the act of agriculture, growing crops and/or raising animals.

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Debts that are not backed by an asset or collateral, increasing the risk for lenders if the borrower defaults.

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A chapter of the U.S. Bankruptcy Code that involves the liquidation of a debtor's assets to pay off creditors.

Three-Year Period

A specific duration of time lasting exactly three years.