Preferences Have Just Shifted Away from Beef and into Mutton

question 31

Multiple Choice

Preferences have just shifted away from beef and into mutton. If you are a sheep rancher, the best profit-maximizing strategy is to

• A) shut down.
• B) produce as much as possible to earn profits in the short run.
• C) shift some of your ranching capacity into cattle raising.
• D) cut prices to increase market share.

Recognize strategies employed by "test-wise" students.

Identify the characteristics of critical thinking skills as transcontextual.

Understand the influence of unconscious motivations on overt behaviour.

Apply psychological concepts such as behaviour modification to practical scenarios.