Fundamentals of demand and supply

Reference no: EM1374582

A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of the European union banned the import of British beef. The result was higher beef prices in Continental Europe.

b.In 2001, a survey of plant stores indicated that the demand for houseplants was rising sharply. At the same time, dozens of low cost producers started growing plants for sale. The net result was a decline in the average price of houseplants.

c.In 2000, cattle were selling for 69 cents a pound, up from 61 cents a year ago. This was despite the fact that supply increased over the year.

Reference no: EM1374582

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