Assuming that soybeans and tobacco can both be grown on the same land, a decrease in the price of tobacco, other things being equal, causes a(n):
a. rightward shift of the supply curve for tobacco.
b. upward movement along the supply curve for soybeans.
c. rightward shift in the supply curve for soybeans.
d. leftward shift in the supply curve for soybeans.
c
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What is the “right” degree of abstraction necessary to analyze an economic problem?
A. Simple abstraction of only minor details B. Simple abstraction of only irrelevant details C. Total abstraction of all variables D. Total abstraction of all irrelevant details E. There is no “right” degree of abstraction to analyze an economic problem.
Minimum wage
What will be an ideal response?
Economic growth is:
A. a result of having more natural resources, land or capital. B. an increase in our economy's potential output. C. represented by the long-run aggregate supply curve shifting to the right. D. All of these are true.
What are explicit cost and implicit cost?
What will be an ideal response?