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A. In 1996, several cows in Great Britain came down with "mad cow disease". As a result, the countries 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.

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Solution Summary

This problem involves the fundamentals of demand and supply. The cost of producers to start growing plants for sale are determined.

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Hi There,
<br>Here are answers to your questions:
<br>A. In this instance, there was an automatic drop in demand for the beef. As a result, the beef producers needed to increase the price at which they ...

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