Answer Happy

Assume that the market for beef is perfectly competitive and in equilibrium. Which of the following would most likely result in an increase in both the equilibrium price and the equilibrium quantity of beef? An increase in the price of corn, an input in the production of beef An increase in the supply of potatoes, a complementary good An announcement by the medical community that consumption of beef increases the risk of heart disease An increase in the supply of chicken, a substitute good A decrease in consumers' income, assuming that beef is a normal good
Tomatoes are an input used in traditional sauce. If the price of tomatoes decreases, and there is an increase in the price of alfredo sauce -a substitute for traditional sauce, which of the following will definitely result from these factors? The equilibrium quantity of traditional sauce will be unaffected. The equilibrium quantity of traditional sauce will increase. The equilibrium quantity of traditional sauce will decrease. The equilibrium price of traditional sauce will increase. The equilibrium price of traditional sauce will decrease.
If the price of baseball caps increases, which of the following will most likely occur in the market for baseball caps? The quantity supplied for baseball caps will increase There will be a shortage of baseball caps in the market The demand for baseball caps will decrease The supply of baseball caps will increase The demand will decrease and the supply will increase