Multiple Choice
Farm land can be used to produce either cattle or corn. If the demand for cattle increases, then the
A) demand for corn increases.
B) supply of corn increases.
C) demand for corn decreases.
D) supply of corn decreases.
E) cattle will eat all of the corn.
Correct Answer:

Verified
Correct Answer:
Verified
Q178: The concept of consumer surplus is easiest
Q179: At an efficient market outcome,<br>A) total consumer
Q180: Rising prices for a product<br>A) create incentives
Q181: Falling prices for a service<br>A) create incentives
Q182: Falling prices for a product<br>A) create incentives
Q184: Without appropriately defined property rights, markets fail.
Q185: Prices rise if demand increases.
Q186: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1013/.jpg" alt=" Figure 4.2.3. -Look
Q187: In a voluntary exchange, the price must
Q188: If people eat more potato chips even