Which of the following events could cause an increase in the supply of ceiling fans?
a. The number of sellers of ceiling fans increases.
b. There is an increase in the price of air conditioners, and consumers regard air conditioners and ceiling fans as substitutes.
c. There is an increase in the price of the motor that powers ceiling fans.
d. All of the above are correct.
a
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Answer the following statement(s) true (T) or false (F)
1. In both the short-run and the long-run, a monopoly is guaranteed to earn positive profits. 2. An excise tax will increase the deadweight loss due to monopoly, but an excise subsidy can reduce the deadweight loss. 3. An unregulated, profit maximizing monopoly will never set a price where demand is inelastic. 4. The large increase in the price of oil and in the total revenues and profits of the US oil industry in the 1990's are evidence that it was exercising monopoly power. 5. A monopoly's supply curve is the portion of its marginal cost curve that lies above its average variable cost curve.
The interest rate at which international banks loan to each other is called
A) LIBOR B) federal funds rate C) prime rate D) international bank lending rate
The argument that suggests that regulators balance the interests of firms, consumers, and legislators is called
A) the capture hypothesis. B) the creative response theory. C) the share-the-gains, share-the-pains theory. D) the theory of optimal regulation.
According to the convergence hypothesis, countries with rapid GDP growth
A. are heavily industrialized. B. are market-based economies. C. are likely to be imitating technologies, rather than innovating technologies. D. higher levels of natural resource endowments.