The budget line shift from ab to cd in the figure is consistent with:
A. decreases in the prices of both M and N.
B. an increase in the price of M and a decrease in the price of N.
C. a decrease in money income.
D. an increase in money income and decrease in the price of N.
B. an increase in the price of M and a decrease in the price of N.
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Using the supply and demand equations for wheat above, determine how the equilibrium price and quantity vary with an increase in rainfall(r) holding other factors that influence supply and demand fixed
How do the equilibrium price and quantity change with an increase in income(I). Answer this comparative statics question using calculus.
A hotel in New Hampshire charges $150 per room in the winter ski season and $90 during the summer months. The number of rooms and operating costs are constant year round. These prices indicate
a. a rightward shift in the demand in the summer. b. a rightward shift in demand in the winter. c. a leftward shift in the supply curve in the summer. d. a leftward shift in demand in the winter.
Demand for Resources is _________
Fill in the blank(s) with the appropriate word(s).
A company is selling wacky waving inflatable arm guys for very low prices, why is this?
a. there is a shortage b. there is a surplus c. the company cannot meet consumer demand d. equilibrium price has been reached