Meat at the Supermarket Has Contributed to Increase in Food

question 16

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 NOT true in the market for beef?

• A) The consumer surplus will decrease.
• B) The equilibrium quantity will increase.
• C) The total surplus will decrease.
• D) The equilibrium price will increase.

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Definitions:

Last-In/First-Out

A data structure principle where the most recently added element is the first to be removed, exemplified by a stack.

Stack

A stack is a collection or data structure that adheres to the Last-In-First-Out (LIFO) principle, where items are added and removed from the top.

Queue

A queue is a collection or data structure that follows the First-In-First-Out (FIFO) principle, where elements are added from one end and removed from the other.

Recursive Solution

A method of solving a problem where the solution involves calling a function itself with modified parameters.