A15 percent increase in the price of beef reduces the quantity of beef consumed by 30 percent. thus, the demand for beef is and total consumer expenditure (or total firm revenue) will as a result of the price increase.

Which of the following does not offer an opportunity for timely content? evergreen content news alerts content that suits seasonal consumption patterns content that matches a situational trigger content that addresses urgent pain points

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.

Which of the following best explains how trade enables greater specialization among producers? a. trade diversifies the market by bringing specialized goods from around the world. b. trade requires distribution networks and adds one more step to the production process. c. trade enables producers to open up new markets for their goods and services. d. trade allows people to focus on one kind of production and trade for their other needs.