The price of labor in the agricultural industry has just increased. For agricultural products, this will lead to
A) an increase in price and a decrease in quantity.
B) an increase in price and an increase in quantity.
C) a decrease in price and a decrease in quantity.
D) a decrease in price and an increase in quantity.
Answer: A
You might also like to view...
Refer to the information provided in Table 14.5 below to answer the question that follows. Table 14.5B's Strategy ?AdvertiseDon't Advertise??A's profit $200 millionA's profit $400 million?AdvertiseB's profit $200 millionB's profit $100 millionA's Strategy????Don'tA's profit $100 millionA's profit $150 million?AdvertiseB's profit $400 millionB's profit $150 millionRefer to Table 14.5. Firm A?s dominant strategy is
A. to not advertise. B. dependent on what Firm B does. C. to advertise. D. indeterminate from this information, as no information is provided on Firm A?s risk preference.
Answer the following statement(s) true (T) or false (F)
1. Title VI of the 1990 Clean Air Act Amendments specifically addressed the problem of tropospheric ozone. 2. To help the U.S. achieve its objectives to control ozone depletion, an escalating excise tax was levied on the production of ozone-depleting substances. 3. According to the Regulatory Impact Analysis (RIA) of the phaseout plan for ozone-depleting substances, the associated costs exceedthe expected benefits. 4. As the effective price of ozone-depleting substances rises due to the excise tax, the demand for substitute substances increases. 5. As a consequence of actions under the Montreal Protocol, the ozone depletion problem has been eliminated.
A decrease in the price of baseball bats will decrease the demand for baseballs
a. True b. False Indicate whether the statement is true or false
The branch of economics which studies how households and firms make choices, interact in markets, and how government attempts to influence their choices is called
A) macroeconomics. B) microeconomics. C) positive economics. D) normative economics.