Scenario 5-3 Milk Has an Inelastic Demand and Beef Has an Elastic

question 145

Multiple Choice

Scenario 5-3
Milk has an inelastic demand and beef has an elastic demand.Suppose that a mysterious increase in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50 percent.
-Refer to Scenario 5-3.The change in equilibrium price will be

• A) greater in the milk market than in the beef market.
• B) greater in the beef market than in the milk market.
• C) the same in the milk and beef markets.
• D) may be greater in either the milk market or the beef market.

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