Suppose That Joan, the Only Consumer of Pork, Has a Downward-Sloping

question 194

Multiple Choice

Suppose that Joan, the only consumer of pork, has a downward-sloping demand curve for pork and faces an upward-sloping supply curve.If her demand curve shifts out because she develops a craving for pork, then at the new equilibrium (everything else equal) ,

• A)the price of pork relative to other goods will be higher than before.
• B)Joan's marginal utility from every unit of pork she eats will be higher than before.
• C)Joan's real income will be lower than before.
• D)All of the responses are correct.

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Definitions:

Illusion of Causality

The cognitive bias that leads people to mistakenly believe a relationship between two events exists when none does.

Objective Tests

Objective tests are assessments where responses are limited to specific options, such as true/false, multiple choice, or matching, eliminating subjective judgment in scoring.

Standardized Questionnaires

Pre-designed sets of questions used to collect data from individuals in a uniform manner, allowing for comparisons and statistical analysis.

Genetic Contribution

The portion of variation in a trait among individuals in a population that is due to genetic differences.