If consumer tastes shift away from mustard and toward salsa, then the
a. demand curve for salsa will shift to the left
b. demand curve for mustard will shift to the right
c. quantity demanded of salsa will decrease
d. quantity demanded of mustard will increase
e. demand curve for salsa will shift to the right
E
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The above figure shows the domestic market for wheat. Suppose this market is isolated from global competition and the government intervenes by setting a support price of $15 a ton
The quantity bought by domestic users once the price support is in place is A) 300 million tons. B) 400 million tons. C) 250 million tons. D) 200 million tons. E) 100 million tons.
We all behave as speculators in our economic transactions
A) because everyone likes to gamble. B) because we all act in the hope of benefits from a correct anticipation of future events. C) unless we never buy on credit. D) unless we use the services of middlemen.
In a graph of unemployment rates (on the horizontal axis) versus inflation rates (on the vertical axis), the short-run Phillips Curve is
A) downward sloping. B) vertical. C) upward sloping. D) horizontal.
Because a price setter has control over both the level of output it produces and the price it charges, it can select from a number of different combinations of output and price levels that will maximize its profits
Indicate whether the statement is true or false