Refer to the above figure. The rightward shift of the curve could have been caused by
A. an increase in income.
B. a technological setback.
C. a decrease in income.
D. a technological improvement.
Answer: D
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There will be gains from trade when
A. the buyer values a product more highly than the seller. B. money is used as a medium of exchange. C. both the buyer and the seller attach the same value to the product. D. the buyer values a product less highly than the seller.
Fashion trends are a nonprice determinant for demand because
A) they cause a movement along the demand curve. B) they influence people's tastes and preferences in clothing. C) they change the supply of accessories. D) they do not affect demand.
Adverse selection in competitive insurance markets harms
a. high-risk individuals. b. low risk individuals. c. owners of competitive insurance companies. d. everyone.
Joe runs a pizzeria at a busy place in a city. Around 125 customers visit every day and they each buy 3 pizzas on average. Joe has employed 20 laborers to make pizzas. The productivity of one laborer per day in the pizzeria is equal to _____
a. 6.25 pizzas per worker b. 18.75 pizzas per worker c. 6.67 pizzas per worker d. 41.67 pizzas per worker e. 20.75 pizzas per worker