An increase in the price of steel to producers of refrigerators will cause
A) the quantity demanded for steel to increase.
B) the demand for refrigerators to decrease.
C) the quantity supplied of refrigerators to increase.
D) the supply curve for refrigerators to shift left.
D
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1. The total tax revenue is equal to
A) $1,800. B) $600. C) $1,200. D) $900. E) $5,600.
There are only increases in total surplus when a country exports a good, since more units of the country's output of that good are produced
a. True b. False Indicate whether the statement is true or false
Explain the following statement by Arthur Okun: "Insistence on carving the pie into equal slices would shrink the size of the pie. This fact poses the trade-off between economic equality and economic efficiency."
What will be an ideal response?