An increase in supply will cause
What will be an ideal response?
an increase in quantity demanded.
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Assume that a worker in a technology firm can produce 3 circuit boards in an hour. Due to subsequent innovation, he is now able to produce 6 circuit boards per hour. Other things remaining the same, the firm's supply curve is likely to:
A) shift to the left. B) shift to the right. C) become steeper. D) remain unchanged.
If the demand for a product remains the same and the supply falls,
A) the market clearing price will fall and the equilibrium quantity will rise. B) the market clearing price will rise and the equilibrium quantity will fall. C) both the market clearing price and the equilibrium quantity will fall. D) both the market clearing price and the equilibrium quantity will rise.
Gas and Coal Utility companies can use a mix of plants different energy sources to produce electricity, mainly these are coal fired plants but increasingly they relying on gas turbines. Technological improvements in hydraulic fracturing, or "fracking," have decreased the cost of extracting smaller pockets of natural gas. What affect does fracking have on supply and demand for coal?
By integrating vertically,
a. firms trade with one another through markets b. firms trade with one another through government intermediation c. firm and market processes are connected to produce a good or service most efficiently d. the various procedures involved in producing a good are collected within one firm e. the various procedures involved in producing a good are parceled out among various contractors