When the price of oranges increases,
A) the supply of oranges increases.
B) the quantity of oranges demanded increases.
C) the quantity of oranges supplied increases.
D) the supply of oranges decreases.
E) none of the above
C
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According to the misperceptions theory, when the price level falls below the expected price level
A) the economy's SRAS curve shifts up. B) the economy moves along its AD curve. C) the economy moves along its LRAS curve. D) the economy moves along its SRAS curve.
Selling the same product under different brand names allows a firm to price discriminate as long as
A) customers know the products are identical. B) customers do not know the products are identical. C) the products really are not the same. D) the firm lets customers know that the products are identical.
If an increase in government spending causes an increase in government borrowing, this could induce
A. an increase in interest rates, which would cause private domestic investment to fall. B. an increase in interest rates, which would cause private domestic investment to rise. C. an increase in interest rates but no effect on private domestic investment. D. a decrease in interest rates, which would cause private domestic investment to rise.
Refer to the above table. Dave's utility schedule is characterized by
A. constant total utility. B. diminishing marginal utility. C. increasing marginal utility. D. constant marginal utility.