15. Consider the market for DVD players. People prefer watching mones DVDs at bo

Question

15. Consider the market for DVD players. People prefer watching mones DVDs at bone nstead of going to thewi r. (A B, C, or D) 16. Comsidar themakot for wbou. Tha laral of incomecrs for all coer (A, B, C, or D) For questions 17-20: Figure 3.4- Shifts of supply and demand S, Do D, Quantty (A Si So D, Quantiy Quantity . Which panel ofFis 3.4 raprsents the chamzes in the market for chicken wben fmers hormones to increase the production of chicke, but consumar are comcamed about eating the chicksn? (A, B, C or D) 1S. Which panel of Figur 3.4 ropreents the ch in the market for beaf when the price of corn (cattie osa) rind the Surgson Gonsral raports that rad maat coatributes to caronary dissass? (A B C, D)

Explanation / Answer

(17) When production of chicken rises, supply curve shifts right, but when consumers are concerned about eating chicken, its demand falls and demand curve shifts to left.

This is represented by Panel B.

(18) Higher price of cattle feed increases cost of beef production and supply falls, so supply curve shifts to left. Negative report regarding red meat consumption decreases demand, shifting demand curve to left.

This is represented by Panel D.

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