Sub: Economics Topic: Micro Economics
Question:
Finding cause for the demand curve for bison to shift outward.
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Which of these would cause the demand curve for bison (American buffalo) to shift out?
Explain.
An outbreak of mad cow disease among U.S. cattle.
Stiff competition among bison producers brings a fall in the price of bison meat.
A famous chef releases a new cookbook including recipes for bison stew, bison burgers,
etc.
Solution:
An outbreak of mad cow disease:
This will shift the demand curve inwards as an outbreak of mad cow disease will reduce
the demand for bison.
Stiff competition among bison producers bring a fall in the price of bison meat:
A fall in the price of Bison meat will increase the demand for Bison. The demand curve
will shift out due to the fall in price of Bison meat.
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