Beef and leather belts are complements in production. If people's concern about health shifts the demand curve for beef leftward, the result in the market for leather belts will be a
A) lower equilibrium price for a leather belt because there is an increase in the supply of leather belts.
B) lower equilibrium price for a leather belt because there is a decrease in the supply of leather belts.
C) higher equilibrium price for a leather belt because there is a decrease in the supply of leather belts.
D) higher equilibrium price for a leather belt because there is an increase in the supply of leather belts.
C
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A technique for implementing industrial policies that probably worsened the effects of the 1997 crisis was
A) directed credit. B) protection from imports. C) export subsidies. D) research subsidies. E) quotas.
A decline in the expected inflation rate causes the demand for money to ________ and the demand curve to shift to the ________, everything else held constant
A) decrease; right B) decrease; left C) increase; right D) increase; left
According to the graph shown, the change to government revenue brought about by the introduction of a tariff to an economy once operating under free trade is:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. an increase of area JK.
B. an increase of area FGJK.
C. an increase of area IJKL.
D. a decrease of area IL.
Total profit can be calculated by
a. subtracting total variable cost from total revenue b. subtracting total revenue from total costs c. subtracting total costs from total revenue d. finding the product of the difference between average profit and average total cost and the quantity produced e. quantity produced times the difference between marginal cost and average total cost