If the price of mozzarella cheese (an ingredient in pizza) declines, there will be:
A. a decrease in the quantity of pizza supplied.
B. no change in the supply of pizza.
C. an increase in the supply of pizza.
D. a decrease in the supply of pizza.
Answer: C. an increase in the supply of pizza.
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When scarce goods are allocated according to some generally known criteria,
A) no one is discriminated against as long as the criteria are socially and legally accepted. B) people will compete to satisfy the criteria. C) rationing of scarce goods becomes unnecessary. D) surpluses almost inevitably appear.
The question of whether economic growth is desirable is a positive question, easily settled by economic analysis
Indicate whether the statement is true or false
If the Chinese government were to begin selling large quantities of its dollar-denominated assets, how might that affect China's economy and the U.S. economy?
What will be an ideal response?
If a perfectly competitive industry uses only a small share of the available inputs in a resource market, then the long-run market supply curve for the industry will most likely be: a. vertical
b. horizontal. c. upward sloping. d. downward sloping.