Danielle Ocean pays for monthly pool maintenance for her home swimming pool. Last week the owner of the pool service informed Danielle that he will have to raise his monthly service fee because of increases in the price of pool chemicals
How is the market for pool maintenance services affected by this?
A) There is a decrease in the demand for pool maintenance services.
B) There is a decrease in the quantity of pool maintenance services supplied.
C) There is an increase in the supply of pool maintenance services.
D) There is a decrease in the supply of pool maintenance services.
D
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To eliminate losses in a perfectly competitive market, firms exit the industry. This exit results in
A) an increase in market supply. B) a decrease in market supply. C) an increase in market demand. D) a decrease in market demand. E) a decrease in both the market supply and the market demand.
In the United States from 1981 to 2013, deaths from ________ increased largely due to the effects of increasing obesity
A) cancer B) diabetes C) strokes D) heart attacks
Consider the following statements about the signaling hypothesis of education:
A. The signaling hypothesis of education is based on the idea that college graduates are more productive than non-college graduates. B. The signaling hypothesis of education suggests that firms rely on human capital requirements to ensure worker quality. C. Employers rely on certain signals, such as a college diploma to gauge a potential employee's abilities because it could lower the cost of acquiring information about the person that is not easily observed. Which of the statements above is true about the signaling hypothesis of education?
Purely competitive industry X has constant costs and its product is an inferior good. The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The result will be:
A. an increase in output and in the price of the product. B. an increase in output, but not in the price, of the product. C. a decrease in the output, but not in the price, of the product. D. a decrease in output and in the price of the product.