When increases in the supply of an agricultural product are much greater than the increases in demand for it over time, then the price:
A. And quantity of agricultural products will increase
B. And quantity of agricultural products will decrease
C. Of agricultural products will increase, but the quantity will decrease
D. Of agricultural products will decrease, but the quantity will increase
D. Of agricultural products will decrease, but the quantity will increase
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In a competitive market, which of the following is a defining characteristic?
A. The firm sets its own prices. B. The firm takes prices set by the government. C. The firm can easily enter the market but not exit the market. D. The firm is just one of many firms within that market.
The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is $50 per acre
If the market wage is $300 per day, the firm will NOT hire a fourth worker because the fourth worker would create A) an economic loss and the firm would shut down. B) additional revenue that exceeds the worker's wage. C) additional revenue that exceeds the worker's value of marginal product. D) additional revenue that falls short of the worker's wage.
According to the textbook application, the avoided GHG emissions associated with the Energy Star Program in 2010 were equivalent to
a. removing 33 million cars from America’s highways b. producing 3 million fewer automobiles in the United States c. scrapping 3.3 million cars from highways around the world d. eliminating 33.3 million heavy-duty trucks from America’s highways e. none of the above
Get Smart University is contemplating an increase in tuition to enhance revenue. If GSU feels that raising tuition would enhance revenue, it is
a. ignoring the law of demand. b. assuming that the demand for university education is elastic. c. assuming that the demand for university education is inelastic. d. assuming that the supply of university education is elastic.