Which of the following statements is consistent with an increase in supply?
A) The price of labor input has increased.
B) There has been an advance in technology.
C) Consumers' incomes have increased.
D) The market price has decreased.
B
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If, in response to an increase in the price of chocolate the quantity of chocolate demanded decreases, economists would describe this as
A) a change in consumer income. B) a decrease in quantity demanded. C) a decrease in demand. D) a decrease in consumers' taste for chocolate.
People who can earn higher market wages, other things constant, will
a. provide more labor to nonmarket work b. be more inclined to supply their labor to market work than to nonmarket work c. be more inclined to supply their labor to nonmarket work than to market work d. provide more labor to nonmarket work even if the market can provide the services more cheaply e. provide less labor to market work and more labor to nonmarket work
Today the United States spends as much on defense as _____ of the nations combined.
Fill in the blank(s) with the appropriate word(s).
If more European and Japanese firms want to build factories and expand their offshore investments in the United States, the supply of U.S. dollars on foreign exchange markets will increase as a result of this investment activity
Indicate whether the statement is true or false