During the 1990s Positive Technological Change in the Production of Chicken

question 184

Multiple Choice

During the 1990s positive technological change in the production of chicken caused the price of chicken to fall.Holding everything else constant,how would this affect the market for pork (a substitute for chicken) ?

• A)The supply of pork would increase and the equilibrium price of pork would decrease.
• B)The demand for pork would decrease and the equilibrium price of pork would decrease.
• C)The demand for pork would increase because consumers could afford to buy more chicken and pork.
• D)The demand for pork would decrease and the equilibrium price of pork would increase.

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Definitions:

Hypothetical Propositions

Statements or propositions that are based on assumptions or hypothesis rather than on concrete evidence.

Formal Operations

A stage in Jean Piaget's theory of cognitive development where individuals gain the ability to think abstractly, logically, and systematically, typically beginning in adolescence.

Ability

The possession of the means or skill to do something or perform a task effectively.

Private Speech

Vocal communication that individuals direct to themselves, often used as a tool for thought processing and problem-solving, particularly in children.