Question

Consider the market for beef. Assume doctors produce new research showing the consumption of beef is...

Consider the market for beef. Assume doctors produce new research showing the consumption of beef is associated with high blood pressure and heart disease. What do you think will happen to the market of beef?

Demand would decrease, reducing prices and increasing quantity sold
Demand would fall, reducing prices and reducing quantity sold.
Quantity demanded would fall because of higher beef prices
Demand would shift right, increasing prices and reducing beef consumption.
Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Option B.

  • If the doctors determine that consumption of beef is associated with high blood pressure and heart disease, the demand for beef would fall.
  • People who are health conscious would reduce their consumption of beef which will lead to the decline of the demand for beef.
  • When the demand falls, the sellers reduce the price of beef and will further reduce the quantity sold as there is very less demand for it and they would earn Very less revenue from it.
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
3 Consider the market for Alberta beef. For each of the following events, what happens to...
3 Consider the market for Alberta beef. For each of the following events, what happens to the equilibrium price and quantity of beef? Show how you obtained your answer by drawing a demand/supply diagram. Put your answers in the table below, indicating what curve shifts (Demand or Supply) and in what direction éê or if no curve shifts (NC). Indicate the resulting effect on priceéê and quantityéê a.) Producers introduce a new hormone supplement that increases the weight of cattle...
1. You have been hired by a new startup. They have been on the market for...
1. You have been hired by a new startup. They have been on the market for just a small time and in that time they have offered their product at two prices. They introduced their product at $3.50 and sold 40 units in a month. Then they reduced the price to $3.00 and sold 52 units in a month. The company has the following costs associated with production: 0.05Q² + 0.90Q. Fixed costs are $20 in rent. The government also...
In the market for hot dogs, what happens when the price of beef goes up and...
In the market for hot dogs, what happens when the price of beef goes up and the price of hot dog buns goes up? [hot dogs are made of beef. Also, the term "hot dog" here refers to just the sausage. So you buy hot dogs at the store. And you also buy "hot dog buns" at the store. This gets confusing for some people, especially non-native English speakers] What happens to supply and demand in the market for hot...
Consider the market for avocados. If the number of avocados sold is decreasing, but prices increasing,...
Consider the market for avocados. If the number of avocados sold is decreasing, but prices increasing, then we can conclude supply of avocados is decreasing supply of avocados is increasing demand for avocados is increasing demand for avocados is decreasing Suppose you work at a home improvement store. You have noticed that when the price of some tool X increases by 20%, the quantity consumed of another tool Y to decreases by 10%. If everything else is held constant, you...
(30)Consider the market for chicken, if consumers use chicken and beef as substitutes, an increase in...
(30)Consider the market for chicken, if consumers use chicken and beef as substitutes, an increase in the price of beef given ceteris paribus will: (a)Decrease the demand for chicken creating a lower price and a smaller amount of chicken will be purchased in the market (b)Increase the supply of beef creating a surplus of beef in the market and a smaller quantity of chicken purchased in the market (c)(a) or (b) above            (d)None of the above (31)Which of the following...
12) When quantity supplied equals quantity demanded: Multiple Choice a)the market forces push the economy to...
12) When quantity supplied equals quantity demanded: Multiple Choice a)the market forces push the economy to produce more. b)equilibrium is reached. c)the market forces push the economy to produce less. d)the market forces cease to function. 13)Consider a market that is in equilibrium. If it experiences both an increase in demand and an increase in supply, what can be said of the new equilibrium? The equilibrium: Multiple Choice a)quantity will definitely rise, while the equilibrium price cannot be predicted. b)price...
1. Which is the most accurate definition of the study of economics? [1] Distributing surplus goods...
1. Which is the most accurate definition of the study of economics? [1] Distributing surplus goods to those in need. [2] Dealing with affluence in a morally bankrupt world. [3] Using scarce resources to satisfy unlimited human wants. [4] Reducing human wants to eliminate the problem of scarcity. 2. Computer software represents [1] labour. [2] land. [3] capital. [4] entrepreneurship. 3. Suppose you have graduated with a degree in accounting and are offered a job with an accounting firm. But...
Activity 1 For this activity, you must apply the factors that shift demand and supply to...
Activity 1 For this activity, you must apply the factors that shift demand and supply to real-life scenarios. For each of the following sets of statements, draw a diagram that illustrates the likely effect on the market for ground beef. In each case, indicate the impact on equilibrium price and quantity. A salmonella outbreak occurs and is traced to ground beef. The price of chicken increases. The price of corn increases (cattle are feed with corn). Wages for people who...
37) Price per Constant- Quality of X Quantity of X Demanded per Time Period Quantity of...
37) Price per Constant- Quality of X Quantity of X Demanded per Time Period Quantity of X Supplied per Time Period $10 0 150 8 20 120 6 40 90 4 60 60 2 80 30 0 100 0 Based on the table above, if other influences remain constant and the market is free to adjust, a stable equilibrium price will be established at Select one: a. $4. b. $6. c. $8. d. $2. A shortage will occur when Select...
61. A country is most likely to eliminate the consumption of imports by a/an _______________. A....
61. A country is most likely to eliminate the consumption of imports by a/an _______________. A. protective tariff B. import quota C. Revenue tariff D. export quota 60.The purpose of expansionary fiscal policy is to _______________. A. prevent hyperinflation B increase output C increase the separation between government and private industry D slow the growth of GDP 57. All of the following are tools of supply-side economics EXCEPT _______________. A cutting spending for government, social and regulatory programs B deregulating...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT