The Market for Beef Is in Long-Run Equilibrium at $3

question 17

Multiple Choice

The market for beef is in long-run equilibrium at $3.25 per pound.The announcement that mad cow disease has been discovered in the United States reduces the demand for beef sharply,and the price falls to $2.00 per pound.If the long-run supply curve is horizontal,when the long-run equilibrium is reestablished,the price will be:

• A)$3.25 per pound.
• B)$2.00 per pound.
• C)greater than $2.00 per pound but less than $3.25 per pound.
• D)More information is needed to answer this question.

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Definitions:

Action Potential

A rapid electrical signal that travels along the neuron's axon, facilitating communication between neurons.

Speed

The rate at which an object covers distance, commonly measured as distance traveled per unit of time.

Kilometres/Hour

A unit of speed measurement indicating the number of kilometers traveled in one hour, commonly used in most countries to measure transportation speed.

Action Potential

A temporary reversal of the electrical potential across the membrane of a neuron, leading to the transmission of an electrical signal along the neuron.