Meat at the Supermarket Has Contributed to Increase in Food

question 296

Multiple Choice

Meat at the supermarket has contributed to increase in food prices in 2010, and high feed and fuel prices mean that steak will likely cost a lot more this fall. The price of feed has increased 50 percent and hay has doubled from two years ago. Based on this information, which of the following is TRUE in the market for beef?

• A) Consumer surplus will decrease.
• B) Producer surplus will increase.
• C) Equilibrium price will decrease.
• D) Equilibrium quantity will increase.

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Definitions:

Attention Placebo

The phenomenon where individuals experience improvements in their condition simply because they believe they are receiving attention or treatment, not because of any specific therapeutic effect.

Therapeutic Relationship

The professional and trusting bond between a therapist and a client, which is crucial for effective therapy.

Hawthorne Effect

The phenomenon in which individuals improve an aspect of their behavior in response to their awareness of being observed.

Transtheoretical Model

A model of behavior change that outlines stages from not considering change to maintaining new behaviors.