Suppose there are a series of forest fires that affect the lumber industry while, at the same time, consumers demand more wooden furniture. The wooden furniture market would experience
A. An increase in quantity and an indeterminate change in price.
B. A decrease in price and an indeterminate change in quantity.
C. An increase in price and an increase in quantity.
D. An increase in price and an indeterminate change in quantity.
Answer: D
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In a monopoly market, there is (are) ________ seller(s)
A) one B) a few C) many D) very many
For any constant-elasticity market demand curve, a monopolist is profit maximizing regardless of what quantity he produces so long as marginal costs are zero.
Answer the following statement true (T) or false (F)
Use the following statements to answer this question: I. The income-consumption curve for perfect complements is a straight line. II. The price-consumption curve for perfect complements is a straight line
A) I and II are true. B) I is true and II is false. C) II is true and I is false. D) I and II are false.
The emergence of the subprime mortgage market following the recession of 2001 set off a boom in the housing industry
a. True b. False Indicate whether the statement is true or false