During the 1990s Positive Technological Change in the Production of Chicken

question 184

Multiple Choice

During the 1990s positive technological change in the production of chicken caused the price of chicken to fall.Holding everything else constant,how would this affect the market for pork (a substitute for chicken) ?

• A)The supply of pork would increase and the equilibrium price of pork would decrease.
• B)The demand for pork would decrease and the equilibrium price of pork would decrease.
• C)The demand for pork would increase because consumers could afford to buy more chicken and pork.
• D)The demand for pork would decrease and the equilibrium price of pork would increase.

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Definitions:

Product Units

The quantity of products or goods manufactured, available for sale, or sold, expressed in numerical units.

Distance Learning Technology

Technology-based methods and platforms that enable instruction and education to occur when the teacher and student are not in the same physical location.

New Buy

Refers to a purchasing situation where a buyer acquires a product or service for the first time, involving more research and decision-making effort.

Buying Center Culture

The set of behaviors, beliefs, and values that influence how a company's purchasing decisions are made.