Initially the Beef and Mutton Markets Are in Equilibrium, Then

question 199

Multiple Choice

Initially the beef and mutton markets are in equilibrium, then preferences shift away from beef and into mutton. If you are a cattle rancher, the best profit-maximizing strategy is to

• A) shut down.
• B) increase output so as to increase your market share.
• C) shift some of your ranching capacity into cattle raising.
• D) decrease output so as to minimize short run losses.

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