The effect of improvements in food-producing technology can be shown graphically by
a. rightward shifts in the supply curve of food
b. leftward shifts in the supply curve of food
c. rightward shifts in the demand curve for food
d. leftward shifts in the demand curve for food
e. both leftward shifts in the demand curve for and the supply curve of food
A
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Answer the following statement(s) true (T) or false (F)
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Price elasticity of demand is the sole determinant of profit for a firm
a. True b. False Indicate whether the statement is true or false
If the price of "X" increases and you buy more "Y," then
A. "X" and "Y" are complements, and the price of "Y" will decrease. B. "X" and "Y" are substitutes, and the price of "Y" will decrease. C. "X" and "Y" are complements, and the price of "Y" will increase. D. "X" and "Y" are substitutes, and the price of "Y" will increase.
An increase in government expenditures is an example of expansionary fiscal policy.
Answer the following statement true (T) or false (F)