Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for tuna. Which panel best describes what happens in this market when there is a decrease in the productivity of commercial fishermen?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
B
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The real value of money
A) matters less to people than its nominal value. B) is the same as its nominal value. C) is another word for the face value. D) reflects the purchasing power of money.
The third monetarist proposition asserts that in the short run,
a. changes in money demand are the dominant factor causing cyclical movements in output and employment. b. money supply is only one of many factors resulting in cyclical movements in output and employment. c. money primarily influences the price level and other nominal magnitudes. d. None of the above
When factor markets are competitive, it always pays a profit-maximizing firm to
a. use more of the factor. b. bid very low prices for inputs. c. reduce the use of all inputs. d. use that quantity of input that makes MRP equal to the price of the input.
The theories of consumption were developed by
A) Friedman and Phelps. B) Hicks and Hansen. C) Modigliani and Friedman. D) Lucas and Sargent.