Scenario 5-4 Milk Has an Inelastic Demand,and Beef Has an Elastic Demand.Suppose

question 30

Multiple Choice

Scenario 5-4
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 5-4.Total consumer spending on milk will

• A)increase,and total consumer spending on beef will increase.
• B)increase,and total consumer spending on beef will decrease.
• C)decrease,and total consumer spending on beef will increase.
• D)decrease,and total consumer spending on beef will decrease.

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