Attempts Are Being Made to Develop a Biodegradable Plastic Using

question 67

Multiple Choice

Attempts are being made to develop a biodegradable plastic using agricultural produce such as potatoes. Identify a likely impact on the equilibrium price and quantity of potatoes if such attempts are successful, all other things remaining constant.

• A) The equilibrium price will increase, and the equilibrium quantity will decrease.
• B) The equilibrium price will decrease, and the equilibrium quantity will increase.
• C) Both the equilibrium price and quantity will decrease.
• D) Both the equilibrium price and quantity will increase.
• E) There will be no change in the equilibrium price and quantity.

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Definitions:

Material

Consisting of physical substance; relating to physical matter and objects as opposed to spiritual or intellectual qualities.

Spiritual

Relating to or affecting the human spirit or soul as opposed to material or physical things; often concerns a sense of connection to something greater than oneself.

Ideas of the World

Refers to the various concepts, beliefs, and perspectives that people have about the world and its nature.

Idealism

A philosophical approach that posits reality or reality as experienced is fundamentally mental, mentally constructed, or otherwise immaterial.