Beef Is a Normal Good and Peopleʹs Incomes Fall

question 415

Multiple Choice

Beef is a normal good and peopleʹs incomes fall. At the same time a bumper corn crop reduces the cost of feeding steers. These changes result in

• A) no change in the equilibrium quantity of beef.
• B) an increase in the equilibrium quantity of beef.
• C) an increase in the equilibrium quantity of beef if the shift in the demand curve is larger than the shift in the supply curve.
• D) an increase in the equilibrium quantity of beef if the shift in the demand curve is smaller than the shift in the supply curve.

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Definitions:

Directly Overhead

A position in the sky or space where an object appears to be directly above the observer, at a 90-degree angle from the ground.

High Tide

The state of the tide when sea level reaches its maximum height within the tide cycle, covering more of the shore than at low tide.

Seaward End

The part of a geological feature, such as a river or glacier, that is closest to or extends into the sea.

Intense Erosion

The rapid wearing away of soil and rock by water, wind, or ice.