As a falling price eliminates a surplus in the jersey market,
A) the demand curve for jerseys shifts leftward, and the supply curve of jerseys shifts rightward.
B) consumers increase the quantity of jerseys they demand.
C) producers increase the quantity of jerseys they supply.
D) producers decrease the quantity of jerseys they supply, and buyers decrease the quantity of jerseys they demand.
E) the demand curve for jerseys shifts rightward, and the supply curve of jerseys shifts leftward.
B
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The opportunity cost of the financial resources used to finance the purchase of capital is
A) the price of the capital goods purchased. B) the real interest rate. C) the quantity of investment demanded. D) the supply of investment. E) capital investment.
Suppose each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the short run, an increase in the price of shovels will result in
A) fewer shovels being purchased. B) more workers being hired. C) a decrease in the firm's output. D) no change in the firm's output.
"Because a firm's supply curve slopes upward, the long-run supply curve of an industry must also slope upward." Do you agree or disagree? Explain
What will be an ideal response?
It is impossible for both nations to gain when trading with one other.
Answer the following statement true (T) or false (F)