Which of the following would cause the price of beef to rise and the quantity to rise? O a. An increase in the price of chicken O b. New regulations regarding the raising of animals that are costly to implement Oc. Increased social concern about the negative consequences of beef consumption O d. A reduction in the price of hay and silage (these are both things fed to cows)

Suppose oil prices rise sharply for years as a result of a war in the Persian gulf region. What happens and why to the demand for  a. Cars? b. Home insulation? c. Coal? d. Tires?

QUESTION 11 The number of seats available in an arena is fixed at 20,000. The equilibrium price for a ticket to a basketball game at the arena is $75. The equilibrium price for a ticket to the circus at the arena is $25. Which of the following is true? O The demand for each basketball game must be more than the demand for each circus performance. O Basketball games must be more expensive to produce than a circus performance. O The supply of circus performances must be less elastic than the supply of basketball games. O The demand for each circus performance must be greater than the demand for each basketball game.

A change in price of a good or service typically causes O a new equilibrium price O a change along the supply curve the supply curve to shift O a decreased demand for that specific good or service.

A decrease in the supply of a product most likely would be caused by O An increase in business taxes O A decrease in resource costs for production O A decrease in the price of a complementary good O None of the above