Multiple Choice
Suppose the market for beef cattle was initially in equilibrium.What will be the effect of an increase in the price of the feed grains used to fatten cattle?
A) The demand for beef cattle will increase, driving the price of beef upward.
B) The supply of beef cattle will decline, driving the price of beef upward in the long run.
C) The supply of beef will increase, placing downward pressure on the price of beef in the long run.
D) Both supply and demand will fall, leaving the price of beef virtually unchanged.
Correct Answer:
Verified
Correct Answer:
Verified
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