If corn and wheat are alternative pursuits for a farmer, a change in the supply of corn will take place when, ceteris paribus,
A. The demand for corn changes.
B. The price of wheat changes.
C. The price of corn changes.
D. Consumers want to buy more corn at the same price.
Answer: B
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This table shows individual demand schedules for a market.
According to the table shown, if the price were $0.50, what will total demand by Betty and Barney be?
A. 18
B. 36
C. 75
D. 47
Which of the following is not a store of value?
a. Federal Reserve notes. b. Credit card. c. Debit card. d. Passbook savings deposit.
An industry having a four-firm concentration ratio of 30 percent
a. is monopolistically competitive b. approximates pure competition. c. is a pure monopoly. d. is an oligopoly.
Households and businesses are:
A. both buyers in the resource market. B. both sellers in the product market. C. sellers in the resource and product markets respectively. D. sellers in the product and resource markets respectively.