Answer: d. The price of tomatoes rises
Which of the following events would cause a movement upward and to the right along the supply curve for tomatoes?
a. The number of sellers of tomatoes increases.
b. There is an advance in technology that reduces the cost of producing tomatoes.
c. The price of fertilizer decreases, and fertilizer is an input in the production of tomatoes.
d. The price of tomatoes rises
Economics
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The cross-price elasticity of demand measures the
A) percentage change in the quantity demanded of one good in one location divided by the price of the same good in another location. B) absolute change in the quantity demanded of one good divided by the absolute change in the price of another good. C) percentage change in the quantity demanded of one good divided by the percentage change in the price of another good. D) percentage change in the price of one good divided by the percentage change in the quantity demanded of another good.
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Which of the following would be added to the GDP to determine the GNP?
a. the profits a Canadian company earns in Colorado b. the profits a U.S. company earns in Vancouver c. the profits a Canadian company earns in Quebec d. the profits a U.S. company earns in Florida
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If the market demand increases for a good sold in a perfectly competitive market, individual firms in the market:
A. will be able to charge a higher price for their product. B. will need to lower price in order to remain competitive. C. will not be able to change their price. D. will begin earning economic losses.
Economics
One organization in the United States today that is exempt from antitrust laws is
A) the automobile industry. B) professional baseball. C) the oil industry. D) the steel industry.
Economics