The price of iPhones has fallen dramatically. Which of the following is likely to happen?
A. The quantity of iPhones supplied will decrease.
B. The quantity of iPhones supplied will increase.
C. The supply of iPhones will decrease.
D. The supply of iPhones will increase.
Answer: A
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When humanitarian efforts to free Sudanese slaves were introduced, ________ increased initially, which led to ________ prices
Over time, the slave trade became ________ profitable and the supply of slaves ________. A) supply; lower; less; decreased B) demand; lower; more; decreased C) demand; higher; more; increased D) supply; higher; more; increased
Each of the three major waves in 19th-century railroad construction ended due to:
a. major financial crises in the U.S. b. the involvement of the U.S. in a military conflict. c. labor unrest that led to work stoppages. d. shortage of iron.
According to international trade theory, a country should: a. import goods in which it has an absolute advantage
b. specialize in the production of the good in which it has an absolute disadvantage. c. export goods when it has either a comparative or absolute disadvantage in producing them. d. specialize in the production of the good in which they have a comparative advantage.
The MU/P of a good will decrease when there is a(n)
a. fall in the price of the good b. increase in its marginal utility c. increase in the price of a good d. increase in consumer surplus e. decrease in income