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worksheet Open with Market Effects of the Bacon Burger I The year of the bacon burger was 1995
worksheet Open with Market Effects of the Bacon Burger I The year of the bacon burger was 1995. It seemed as if every hamburger restaurant in the United States added a couple of strips of bacon to its burger at that time. Two pieces may not sound like much, but when you multiply them by millions of burgers, they add up to a lot of bacon. Bacon is made from slabs of uncured pork called "pork bellies." Not surprisingly, the price of pork bellies rose by nearly 50 percent during 1995. Fortunately, for bacon fans, the price increase was short-lived. After a couple of months, producers introduced more pork into the market, causing the price to fall back to its original level. 1. Did pork bellies become more scarce during 1995? Explain.
Expert Solution
The answer to this question is YES. The demand for pork bellies kept on increasing relative to the availability of the pork in economy. The individuals' demand for bacon experienced a rise and as pork bellies are used as ingredient it also caused an increase in its demand. The individuals start demanding more of it which resulted in making it more scarer relative to the demand.
Hence due to increased wants of bacon by individuals in economy, the pork bellies became more scarer.
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