The price of a depletable natural resource last year rose more than expected. The most likely explanation is that
A. interest rates fell.
B. an unexpected discovery of reserves was made.
C. the major suppliers formed a cartel.
D. price ceilings were established.
Answer: C
You might also like to view...
Use the following graph for the market for beef to answer the question below.
Refer to the graph, which shows that the demand for beef shifted from D1 and D2. The change in equilibrium from E1 to E2 is most likely to result from a(n)
A. increase in the cost of cattle feed. B. decrease in consumer incomes. C. increase in the price of pork. D. decrease in the tax on beef products.
Carrie Bradshaw claims that when it comes to buying shoes, "price is no object." If this is true, then her demand for shoes is
A) horizontal. B) unit elastic. C) perfectly inelastic. D) perfectly elastic.
For a linear production function, q = f(L,K) = 4L + 2K, what is the short-run production function given that capital is fixed at = 50?
A) q = 4L + 100 B) q = 4L + 50 C) q = 4L D) q = 104
High value-added per employee is associated with:
a. capital intensive industries. b. labor intensive industries. c. the shoe industry in 1860. d. the use of unskilled labor.