In February, market analysts predict that the price of titanium will rise in March. What happens in the titanium market in February, holding everything else constant?
A) The quantity of titanium demanded and the quantity of titanium supplied both increase.
B) The supply curve shifts to the right.
C) The supply curve shifts to the left.
D) The demand curve shifts to the left.
C
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Distinguish between a change in quantity supplied and a change in supply
What will be an ideal response?
Which of the following mergers would most likely be challenged by the Federal Trade Commission?
A) two restaurants in a large metro area B) two largest wireless service providers in the U.S. wireless communication industry C) an automaker and an insurance company D) one oil refinery in the U.S. and another oil refinery in Canada
If negative externalities are created in the production of a good, then society will:
a. produce too much of the good since the marginal private cost to firms is less than the marginal social cost. b. produce too little of the good since the marginal private cost to firms is less than the marginal social cost. c. produce too much of the good since the marginal private cost to firms is greater than the marginal social cost. d. produce too little of the good since the marginal private cost to firms is greater than the marginal social cost.
The price elasticity of supply is
A. positive. B. negative. C. zero. D. unknown, depending on other factors.