Increased productivity in the agricultural sector in conjunction with an inelastic demand curve for agricultural goods has caused a(n) __________ in output, a(n) __________ in price, and __________ revenues for farmers
A) increase; decrease; higher
B) increase; decrease; lower
C) decrease; increase; higher
D) decrease; increase; lower
E) increase; increase; higher
B
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What will happen to the equilibrium price and equilibrium quantity of ice cream cones when consumers' incomes decrease?
A) If ice cream cones are a normal good, then the equilibrium price and quantity of ice cream cones will decrease. B) If ice cream cones are a normal good, then the equilibrium price and equilibrium quantity of ice cream cones will increase. C) If ice cream cones are an inferior good, then the equilibrium price for an ice cream cone will increase and the equilibrium quantity of ice cream cones will decrease. D) If ice cream cones are an inferior good, then the equilibrium price and quantity of ice cream cones will decrease.
A monopoly which arises from significant economies of scale is referred to as a
A) monopolistic competitor. B) strategic resource monopoly. C) natural monopoly. D) patent monopoly.
According to the text, Ireland and Israel are classified as industrially advanced countries (IACs)
a. True b. False Indicate whether the statement is true or false
The relationship that shows how much buyers of a product want to buy at each possible price, holding fixed all other factors is called:
A. a demand curve. B. elasticity of demand. C. demand function. D. an indifference curve.