If oranges were found to cure cancer,
A) the equilibrium price of apples would likely fall.
B) the equilibrium price of oranges would likely increase in the near term.
C) the equilibrium quantity of oranges would likely increase.
D) All of the above.
D
You might also like to view...
It is interesting to note that several countries around the world actually make voting compulsory.According to the CIA's World Factbook, as of August 2013, voting is mandatory in 22 countries
Although this law is not enforced in many of these countries, in several nations citizens who do not comply are subject to fines. Give arguments for and against making voting compulsory.
Countries that engage in trade will tend to specialize in the production of goods and services in which they have ________ and will ________ these goods and services
A) a comparative advantage; export B) a comparative advantage; import C) an absolute advantage; import D) an absolute advantage; export
A competitive firm hires workers as long as:
a. marginal product of labor is positive. b. value of marginal product of labor is positive. c. marginal product of labor is greater than the wage rate. d. value of marginal product of labor is greater than the wage rate.
The overall behavior of the economy:
A. is remarkably stable over time. B. differs over time as prices become increasingly flexible in the months and years following a shock. C. differs over time as prices become increasingly sticky in the months and years following a shock. D. is easily controlled and stabilized by government policy.