A shift occurs in the supply curve for salt when:
A. the price of salt increases.
B. improvements are made in the production process.
C. salt is found to be associated with high blood pressure.
D. consumers expect the price of salt to increase in the future.
Answer: B
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In peak-load pricing, the off-peak profit-maximizing quantity is ________ than the profit-maximizing quantity during the peak period and the profit-maximizing price during the off-peak period is ________ than the profit-maximizing price during the peak period.
A) less; more B) more; more C) less; less D) more; less
Which of the following would be the best example of consumer surplus?
a. Shaniqua does not get cell-phone service because she feels that it is worth less than the $30 a month fee. b. Nicolas pays $8 for a haircut that is worth $10 to him. c. Diego buys a house for $104,000 . the maximum amount that he would be willing to pay for it. d. Isabella purchases a book for $20 and uses a credit card to pay for it.
The Lorenz curve showing perfect income equality would be
A. I.
B. J.
C. K.
D. L.
During the Great Recession, the prime rate quoted by most banks has fallen to ______%.
A. 5.5 B. 4.25 C. 3.25 D. 1.25