Three of the Four Events Described Below Might Reasonably Be

question 273

Multiple Choice

Three of the four events described below might reasonably be expected to shift the demand curve for beef to a new position. One would not shift that demand curve. The single exception is a(n) :

• A) change in people's tastes for beef.
• B) increase in the money incomes of beef consumers.
• C) fall in the price of beef.
• D) change in the price of a product competitive with beef (e.g. pork).

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Definitions:

Consequential Damages

Losses that do not flow directly from an act but only from some of the consequences or results of the act.

Lost Profits

Potential earnings that a business did not realize due to a breach of contract, negligence, or other wrongful acts.

Unconscionable

Referring to an agreement or action that is excessively unfair or unjust, often to the degree that it is deemed unenforceable in a court of law.

Resell

The act of selling a product or service that one has bought to another buyer.