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With regard to the facts described above, the second law of demand implies that, in the long run, ________.

In Eastern Europe, decorating eggs for Easter is a big deal. The Wall Street Journal reported (April 5, 2012) that, coinciding with Easter in the spring of 2012, European Union regulations requiring roomier cages for laying hens also went into effect and egg production fell. You would predict that ________.

Butter prices in the US were $1/lb higher in July 2014 when compared to July 2013 ($3.49/lb vs. $2.57/lb). The Deseret News (Aug 3, 2014) attributed the change to increasing incomes in China, Brazil, and India: “When you have people enter the Middle Class, the first thing they do is add protein to their diet.” This implies that ________. (Select all that apply.)

Suppose that you are managing a firm and want to maximize your profits. You find that when you increase the level of production in the short run, the cost of producing any additional output increases. Knowing this information, what should you do with your production levels?  

Assume that wheat can be stored. If China announces that it will make substantial purchases of US wheat beginning in two months, then you would predict that from the price in the market just before China’s announcement (today’s level) ________.

The Wall Street Journal (March 12, 2015, p. B1) reported that some farmers in Uganda have shifted what they grow from corn and beans to sorghum, which, assumed for purposes of this question, is mostly used to make beer and isn’t really a food crop. They did so because they could make more money per acre farming sorghum than they could farming food crops. If the number of farmers making this shift is large, you would expect that ________.

There is competition because ________.

“Even if higher prices mean farmers get more money per pound of olives, lower output of the fruit means that they are ultimately worse off.” (Wall Street Journal, Aug 16, 2014, p B2 “Drought Weighs on Olives”) This statement is  ________.

Assume that the demand and supply schedules for brussels sprouts (aside: an especially noxious vegetable unless cooked with lots of bacon!) are given in the following table:  Demand and Supply for Brussels Sprouts Price of Brussels Sprouts ($/lb) Quantity Demanded (million lbs) Quantity Supplied (million lbs) .40 100 15 .60 80 35 .80 70 50 1.00 62 62 1.20 55 74 1.40 49 86 1.60 45 100 1.80 42 115 2.00 40 140 At the market equilibrium price, the elasticity of demand is ________.

The purpose of anti-aliasing is to smooth the jagged edges of a selection by softening the color transition between edge pixels and background pixels. This only effects the edge pixels change and no detail is lost within the image.