10. Scientists discover a new process for producing lab-grown beef that tastes e

Question

10. Scientists discover a new process for producing lab-grown beef that tastes exactly the same as regular beef, but can be produced for half the price. What happens to the market for cows in the short run? (1 pt) A) The supply of cows would decrease because it would become harder to make a profit B) There would be no effect on the market for cows C) Demand for cows would decrease because no one would be willing to pay more than the lab-grown price for cattle-grown beef D) The price of cows would rise due to increased competition from the lab-grown beef

Explanation / Answer

Option C is correct

demand for cows would decrease because no one would be willing to pay more than the lab grown price for cattle grown beef.

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