Which of the following shifts the demand curve for oranges?
A) disastrous weather that destroys about half of this year's orange crop
B) a decrease in the price of a pound of bananas, a substitute in consumption for oranges
C) an increase in the price of the fuel used to transport oranges to supermarkets
D) great weather that produces a bumper orange crop this year
B
You might also like to view...
In 2014, the price of peanuts was rising, which led peanut butter sellers to expect the price of peanut butter would rise in the future
Consequently, in the current market for peanut butter there was ________ which resulted in ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) an increase in demand for peanut butter; an increase; an increase B) an increase in supply of peanut butter; a decrease; an increase C) a decrease in demand for peanut butter; a decrease; a decrease D) a decrease in supply of peanut butter; an increase; a decrease
The price elasticity of supply is calculated by:
A. dividing the percentage change in quantity supplied by the price. B. dividing the percentage change in income by the percentage quantity supplied. C. dividing the percentage change in price by the percentage quantity supplied. D. dividing the percentage change in quantity supplied by the percentage change in price.
If a competitive firm is in short-run equilibrium, then
A) profits equal zero. B) it will not operate at a loss. C) an increase in its fixed cost will have no effect on profit. D) an increase in its fixed cost will have no effect on output.
Refer to the information provided in Figure 6.9 below to answer the question(s) that follow.
Figure 6.9Refer to Figure 6.9. The marginal utility of the first video game rental is
A. 8. B. 10. C. 25. D. 40.