Preferences Have Just Shifted Away from Beef and into Mutton

question 31

Multiple Choice

Preferences have just shifted away from beef and into mutton. If you are a sheep rancher, the best profit-maximizing strategy is to

• A) shut down.
• B) produce as much as possible to earn profits in the short run.
• C) shift some of your ranching capacity into cattle raising.
• D) cut prices to increase market share.

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Definitions:

Assimilation

The process by which individuals or groups of differing ethnic heritage are absorbed into the dominant culture of a society.

Accommodation

In psychology, a cognitive process that involves adjusting cognitive schemas and perceptions to incorporate new information.

Preoperational Thinker

A stage in Piaget's theory of cognitive development where children aged 2-7 years engage in symbolic play and struggle with logic and taking the perspective of others.

Pretend

To act as if something is true when it is not, often as a form of play.