Suppose that the equilibrium price of apples decreases and the equilibrium quantity of apples increases. This is best explained by a(n):
A. decrease in the demand for apples.
B. increase in the demand for apples.
C. decrease in the supply of apples.
D. increase in the supply of apples.
Answer: D
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The Social Security system is financed by
A) a tax on individual retirement accounts. B) a payroll tax paid only by employers. C) a payroll tax paid by both employers and employees. D) a tax on luxury goods.
When an economy operates efficiently,
a. the MRPs of every input into the production of a good are equal. b. marginal utility equals marginal cost for every good. c. the price of a good equals the sum of the marginal physical products of its inputs. d. All of the above are correct.
What is the term used to describe total revenues minus total explicit costs?
a. marginal benefits b. economic profits c. accounting profits d. marginal costs
The largest share of federal government tax receipts is derived from
A. individual income taxes. B. excise taxes. C. social insurance contributions. D. corporate income taxes.