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The market for soybeans is initially in equilibrium. Because of “mad cow disease,” producers decide to replace bone meal with soybeans in cattle feed. The likely effect is that:
A. the equilibrium price and quantity of soybeans will rise.
B. the equilibrium price and quantity of soybeans will fall.
C. the equilibrium quantity of soybeans will rise, but we can't determine what will happen to the equilibrium price.
D. the equilibrium price of soybeans will rise, but we can't determine what will happen to the equilibrium quantity.
Good X and Good Y are substitutes. Holding all other things constant, this means that when the price of Good X increases, the:
A. demand for Good X will increase.
B. demand for Good Y will increase.
C. demands for both Good X and Good Y will both increase.
D. demand for Good Y will decrease.
Given a supply curve that is positively sloped and a demand curve for a normal good that is negatively sloped, an increase in income will most likely result in:
A. an increase in equilibrium price and quantity.
B. a decrease in equilibrium price and an increase in equilibrium quantity.
C. a decrease in both equilibrium price and quantity.
D. an increase in equilibrium price and a decrease in equilibrium quantity.
Thread: Economic Brahs helppp!!!