Olives are used to produce olive oil. If the price of olives increases:
A. the demand for olive oil increases.
B. the demand for olive oil decreases.
C. the supply of olive oil increases.
D. the supply of olive oil decreases.
Answer: D
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An increase in an individual's income without changing relative prices will:
a. rotate the budget constraint about the X-axis. b. shift the indifference curves outward. c. shift the budget constraint outward in a parallel way. d. rotate the budget constraint about the Y-axis.
Price discrimination requires the firm to
a. separate customers according to their willingnesses to pay. b. differentiate between different units of its product. c. engage in arbitrage. d. use coupons.
Which of the following would be most likely to cause an increase in the wage rate for a particular job?
a. A decrease in the danger of this job. b. An increase in the number of workers with the skills for this job. c. An increase in the danger of this job. d. An improvement in the working conditions associated with this job. e. A decrease in the amount of training needed to perform this job
The amount of new output produced per year for both consumption and additions to capital stock is measured by:
A. GDP B. Net investment C. NDP D. Net exports