Which of the following is a non-price determinant of supply?
A) the price of related goods consumers may buy
B) technological advances in production
C) consumers' incomes
D) the number of consumers
Answer: B
You might also like to view...
Use the following figure to answer the next question.
In the figure, AD2 and AS2 represent the original aggregate supply and demand curves. If Q3 is full-employment output, then AD2 and AS1 best represent a period of ________.
A. hyperinflation B. expansion C. low unemployment D. stagflation
A contractionary monetary policy ________.
A. shifts the aggregate supply curve to the left B. is used when the inflation rate is high C. is designed to increase aggregate demand D. can reduce the length of a recession
An example of overt collusion is
a. a cartel. b. price leadership. c. tacit collusion. d. a perfectly contestable market.
Quantify the cost savings associated with a cost-effective abatement allocation achieved through trading.
Suppose two point sources are discharging phosphorus into Wisconsin’sFox River and face the following abatement costs for this pollutant: Point Source 1: TAC1 = 500 + 0.35(A1)2 MAC1 = 0.7A1 Point Source 2: TAC2 = 750 + 1.05(A2)2 MAC2 = 2.1A2, where A1 and A2 represent the abatement of phosphorus effluents in pounds by Source 1 and Source 2, respectively, and TAC and MAC are measured in hundreds of dollars. Assume that the state environmental authority has set the total maximum daily load (TMDL) for the Fox River. To achieve this limit, 40 pounds of phosphorus must be abated across the two point sources. Use this information to answer the following questions.