Which of the following is likely to bring about a movement along the supply curve for oranges?
A) A change in weather conditions
B) A change in the price of fertilizer
C) A change in wages paid to orange pickers
D) A change in the price of oranges
E) A change in the demand for grapefruit
Answer: A) A change in weather conditions
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Suppose that GDP is equal to 1000, national saving is equal to 200, the current account deficit is equal to 100, and the government budget deficit is equal to 50. Private savings must equal
A) 150. B) 200. C) 250. D) 300.
Bridge Coal Company is the only employer in a remote and mountainous region of the country, so the firm is the monopsony buyer of labor in the market. If the price of coal increases, then the firm's:
A) ME curve shifts leftward. B) AE curve shifts rightward. C) ME and AE curves shift rightward. D) MV curve shifts rightward.
The budget constraint shows that
A) the consumer faces a trade-off in the consumption of goods. B) the consumer can have as many goods as he wants. C) as consumers spend more on one good, they spend more on others. D) total income equals total spending on one good.
A negative marginal utility implies negative total utility.
Answer the following statement true (T) or false (F)