Which of the following will cause a rightward shift of the market supply curve?
A. Change in consumers' tastes
B. An increase in national income
C. An increase in the product price
D. A decrease in input prices
Answer: D
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Refer to Game Matrix V. Which of the following values of X and Y result in the only Nash Equilibrium being (No, No) and there not being a Prisoners’ Dilemma?
a. X = 21, Y = 9. b. X = 19, Y = 11 c. X = 31, Y = 11. d. It is not possible for (No, No) to be a Nash Equilibrium and for there not to be a Prisoners’ Dilemma.
A relatively steep aggregate demand curve indicates that
A) velocity is relatively constant. B) the economy is near full employment. C) inflation is relatively high. D) spending is insensitive to changes in the price level.
Your friend Dimitre tells you that he thinks that his favorite basketball team has a 70% chance of winning the next game. This is an example of
A) an objective probability. B) a subjective probability. C) a risk-averse statement. D) Friedman-Savage preferences.
A nation can determine how close it is to the classical range by considering its:
a. Export position. b. Net export position. c. Exchange rate. d. None of the above.