A decrease in the demand for eggs due to changes in consumer tastes, accompanied by a decrease in the supply of eggs as a result of an outbreak of Avian flu, will result in
A) a decrease in the equilibrium quantity of eggs and no change in the equilibrium price.
B) a decrease in the equilibrium price of eggs and no change in the equilibrium quantity.
C) a decrease in the equilibrium price of eggs; the equilibrium quantity may increase or decrease.
D) a decrease in the equilibrium quantity of eggs; the equilibrium price may increase or decrease.
Answer: D
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Specialization in production
A. raises productivity. B. requires money. C. stimulates exchange. D. All of the responses are correct.
If the supply of coffee falls due to bad weather conditions in coffee-exporting countries, then the
a. price and quantity will rise b. price and quantity will fall c. price will fall and quantity will rise d. price will rise and quantity will fall e. quantity will fall, but price may rise or fall
The U.S. government
a. intervenes to prevent the monopolization of any market. b. forbids the creation of legal impediments to entry into any market. c. intervenes to prevent the monopolization of some markets and actively encourages the monopolization of others. d. encourages the permanent monopolization of all markets in which the monopolist has technical superiority over potential competitors.
Which of the following is the clearest evidence of employment discrimination against minority employees?
a. the average wage of minority workers is lower than the average wage of whites. b. the average hours worked by minority employees exceeds the hours worked by whites. c. the mean number of years of schooling of minority workers is lower than that of whites. d. the average wages of minority employees are lower than the average wages of whites with similar productivity characteristics.