Suppose the equilibrium quantity of ethanol has decreased. Which of the following could have caused this change?
A) a decrease in demand
B) an increase in supply
C) an increase in quantity demanded
D) an increase in quantity supplied
Answer: A
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a. True b. False
Assume 300 billion pounds of Ostrich meat is produced per year when the price is 50 cents per pound, and 500 billion pounds when the price is 60 cents per pound. The supply of Ostrich meat, other factors held constant, is:
a. price elastic. b. price inelastic. c. income elastic. d. income inelastic.
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a. True b. False
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a. progressive taxation b. proportional taxation c. regressive taxation d. marginal taxation