Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes and the supply curve of shoes ________
A) increases; shifts rightward
B) increases; shifts leftward
C) decreases; shifts rightward
D) decreases; shifts leftward
E) does not change; does not shift
D
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Which of the following firms is most likely to be a pure monopolist?
A. A grocery store in a large city B. The only gas station in a small, isolated town C. A clothing retailer with the best location in a mall D. The most popular hot dog vendor on a city street corner
Which of the following is included in both the balance of trade and the balance of payments?
A) exports B) earnings on domestic assets owned by foreign residents C) international capital movements D) earnings by domestic residents on assets located abroad
Once a ________ good is produced, everyone consumes the same amount, ________ for different individuals.
A. private; but the willingness to pay will be different B. public; but the willingness to pay will be different C. public; and the willingness to pay will be the same D. private; and the willingness to pay will be the same
The costs that we avoid by not eliminating pollution while being able to enjoy the goods that create the pollution are the social benefits of pollution.
Answer the following statement true (T) or false (F)