Figure 4.4 illustrates the supply of tacos. An increase in the number of Mexican food producers would most likely cause a movement from:
A. point a to point c.
B. point c to point a.
C. S2 to S0.
D. S0 to S2.
Answer: D
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Increasing productivity in a society
a. always results in a better quality of life as society views it. b. can never make a nation poorer. c. guarantees that personal services will cost less. d. makes improved personal services available to everyone.
Along a segment of the demand curve where the price elasticity of demand is less than 1, a decrease in price:
a. decreases quantity demanded. b. will increase total revenue. c. will decrease total revenue. d. is impossible.
A common tool for restricting trade through quantity is:
A. international waters use policies. B. immigration restrictions. C. import quota. D. a tariff.
The multiplier can be calculated by dividing:
a. The initial change in spending by the change in real GDP b. One by one minus the marginal propensity to invest c. The change in real GDP by the initial change in spending d. One by one minus the marginal propensity to save