Which of the Following Would Cause Both the Equilibrium Price

question 146

Multiple Choice

Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase?

• A)an increase in consumer income
• B)a drought that sharply reduces barley output
• C)a decrease in consumer income
• D)unusually good weather that results in a bumper crop of barley

Understand the metabolic effects of different hormones.

Identify minerals essential for the functioning of specific endocrine glands.

Understand the symptoms, causes, and treatments of common endocrine disorders.

Recognize the significance of hormone levels and their relation to diseases.

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Definitions:

Variable Cost

Costs that change directly in proportion to changes in the volume of production or sales, such as raw materials and direct labor.

Contribution Margin

The amount by which a product's sales price exceeds its variable costs, indicating how much contributes to covering fixed costs and generating profit.

Machine Hour

A measurement of production time, counting one hour of operation of a machine or a piece of equipment for manufacturing purposes.

Sales Margin

The difference between the selling price of a product and the cost of goods sold, expressed as a percentage of sales, indicating the profitability of a product.