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:

Self-Serving Bias

The tendency for individuals to attribute their own successes to internal factors and put the blame for failures on external factors.

Fundamental Attribution Error

The tendency to overestimate the influence of personal characteristics and underestimate the role of situational factors in explaining others' behavior.

Self-Serving Bias

Self-serving bias is a cognitive bias that leads individuals to attribute their successes to personal qualities and their failures to external factors, protecting self-esteem.

Distinctiveness

The quality of being easily distinguished or set apart from others due to unique attributes or characteristics.