Recently it has been discovered that lobsters grown on lobster farms can feed on algae, which is a cheaper lobster food. As a result of this discovery,
a. the supply curve for lobster will shift to the left
b. the supply curve for lobster will shift to the right
c. there will be an increase in the quantity of lobsters supplied
d. there will be a decrease in the quantity of lobsters supplied
e. both supply and demand curves will shift to the right
B
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Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts more than the demand curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.
Microeconomics deals with the analysis of all of the following issues except
a. wage determination of carpenters b. unemployment during the Great Depression c. how Ford prices its cars d. the decision a college student makes concerning his or her consumption e. how monopoly and competitive markets differ
Point F
A. is where the United States' economy operates most of the time.
B. is unattainable.
C. represents a severe recession.
D. can be temporarily attained under unusual circumstances.
Which of the following methods of reducing the amount of trash society generates is most likely to be efficient?
A. A mandatory recycling program B. Landfills and incinerators C. A completely voluntary recycling program D. A "trash tax"