What effect would an exodus of sellers for a product have?
a. It would cause the product’s price to decrease.
b. It would cause the supply of the product’s complement in production to increase.
c. It would shift the product’s supply curve to the left.
d. It would shift the price of the product along the same supply curve.
c. It would shift the product’s supply curve to the left.
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Explain the idea of a tradeoff and think of three tradeoffs that you have made today
What will be an ideal response?
In order to avoid the imposition of other types of trade barriers, foreign producers will sometimes agree to limit their exports to a country. What are these types of agreements called?
A) involuntary export restraints B) sanctions C) implicit quotas D) voluntary export restraints
Regarding U.S. antitrust activity, the rule of reason was expressed in the
a. Standard Oil case. b. Robinson-Patman Act. c. Clayton Act. d. ALCOA case.
A decrease (leftward shift) in the supply for a good will tend to cause
a. an increase in the equilibrium price and quantity b. a decrease in the equilibrium price and quantity c. an increase in the equilibrium price and a decrease in the equilibrium quantity d. a decrease in the equilibrium price and an increase in the equilibrium quantity e. none of the above.