Recall the Application about the price and supply of blueberries to answer the following question(s).According to the Application, the supply of blueberries in the short run is ________, so an increase in demand causes the price to ________.
A. flexible; rise
B. flexible; fall
C. inflexible; rise
D. inflexible; fall
Answer: C
You might also like to view...
Well-functioning financial markets promote
A) inflation. B) deflation. C) unemployment. D) growth.
In Figure 13-2 above, suppose that the Fed maintains a constant nominal money supply, commodity prices are fixed, and that commodity demand is unstable ranging from IS0 to IS1. Equilibrium Y would then range from
A) A0 to A1. B) B0 to B1. C) C0 to C1. D) Insufficient information.
Individuals who live in public housing _____
a. live in better housing than if public housing was not available b. are better off than they would be absent public housing c. forfeit their eligibility for the EITC d. are automatically enrolled in the TANF program
Commodity money is money that:
a. has no value as a commodity. b. is not backed by gold or silver and is not a legal tender. c. may go out of circulation with an increase in its intrinsic value. d. always has a face value greater than the intrinsic value. e. is solely used in barter exchanges.