The Table Given Below Reports the Quantity Demanded of a Good

question 37

Multiple Choice

The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different prices.Table 3.1

-Which of the following will cause an inward shift in the demand for steaks at a restaurant?

• A)A report by the American Medical Association states that the consumption of steak reduces the risk of cardiovascular disease
• B)A 50 percent reduction in the price of steaks
• C)A double-digit increase in the price of chicken
• D)A recession leading to a significant fall in the income levels of consumers
• E)The expectation that the price of steaks will double within two months

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Definitions:

CCA Class

Specific categories under the Canadian Capital Cost Allowance that determines the depreciation rate for tax purposes on an asset.

Depreciation Tax Shield

The reduction in income tax obligation resulting from the deduction of depreciation expenses.

Tax Rate

The percentage at which an individual or corporation is taxed on their income or profits.

Straight-Line Depreciation

A method of calculating the depreciation of an asset, which evenly spreads the depreciable amount over the expected useful life of the asset.