Each of the following would cause an increase in the supply of TVs EXCEPT
A. an expectation that the price of TVs will rise in the future.
B. an increase in the number of TV producers.
C. a decrease in the cost of labor used to produce TVs.
D. an improvement in technology.
Answer: A
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Jeremiah is not a fan of the ballet, but he believes that his friends all enjoy the cultural experience that ballet brings and he does not want to appear unsophisticated
Unbeknownst to Jeremiah, all of his friends share the same opinion of the ballet as he does, and none of them want to appear unsophisticated to the rest of the grouA) diffusion of responsibility. B) dysfunctional family syndrome. C) pluralistic ignorance. D) a prisoner's dilemma.
The assumption that the magnitude of the slope of an indifference curve decreases moving to the right along the indifference curve is known as the assumption of
A) the price effect. B) a diminishing marginal rate of substitution. C) an increasing marginal rate of substitution. D) an indifference curve effect.
If a firm increases output when MR > MC, then:
a. profit will equal zero. b. profit will increase. c. profit will decrease. d. profit will remain the same. e. the firm is minimizing losses.
In the 1960s, the U.S. experienced ongoing inflation. What was the main cause of this inflation?
a. The economy's self-correcting mechanism was allowed to operate. b. The Federal Reserve maintained an output target. c. The Federal Reserve increased the money supply in response to positive demand shocks. d. The Federal Reserve pursued an active monetary policy. e. The Federal Reserve increased the money supply in response to negative demand shocks.