Other things being equal, the effect of an increase in the price of Coca-Cola would cause a(n):
A. upward movement along the demand curve for Coca-Cola.
B. leftward shift in the demand curve for Coca-Cola.
C. downward movement along the demand curve for Coca-Cola.
D. rightward shift in the demand curve for Coca-Cola.
Answer: A
You might also like to view...
If the tea harvest is bad in a particular year, what will happen in the market for coffee?
a. increased price and decreased quantity b. increased price and increased quantity c. decreased price and increased quantity d. decreased price and decreased quantity e. no change in equilibrium price and quantity
Assume, for Mexico, that the domestic price of beets without international trade is higher than the world price of beets. This suggests that, in the production of beets,
a. Mexico has a comparative advantage over other countries and Mexico will export beets. b. Mexico has a comparative advantage over other countries and Mexico will import beets. c. other countries have a comparative advantage over Mexico and Mexico will export beets. d. other countries have a comparative advantage over Mexico and Mexico will import beets.
According to the Reverend Thomas Malthus
A. population tends to grow until checked by a shortage of food. B. population tends to grow until checked by a shortage of oxygen. C. population tends to grow unless checked by religious or moral restraints. D. economics is a dismal science.
When the wage was $10 per hour, a group of workers supplied 30 hours of work per week on average. The wage then increased to $12 per hour, and the same group of workers supplied 33 hours of work per week on average. What is the elasticity of labor supply for this group of workers?
A. 1.0 B. 2.0 C. 1.5 D. 0 E. 0.5