Suppose that the equilibrium price of pickles falls while the equilibrium quantity rises. The most likely explanation for these changes is:
A. a decrease in the supply of pickles.
B. a decrease in demand for pickles.
C. an increase in demand for pickles.
D. an increase in the supply of pickles.
Answer: D
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A good that entails relatively high fixed costs associated with the use of knowledge and other information-intensive inputs as key factors of production is
A) a logo good. B) a search good. C) a persuasive good. D) an information product.
According to the adaptive expectations theory, after many years of rising prices, people tend to ignore past experience in predicting the future rate of inflation
a. True b. False Indicate whether the statement is true or false
A country currently is using all its land to produce wheat and grapes. However, the land most suited to growing grapes is being used to produce wheat, and the land most suited to growing wheat is being used to produce grapes. This is an example of
a. increasing opportunity costs b. involuntary unemployment c. productive inefficiency d. central planning e. communal ownership
In 2007, Trailblazer Bicycle Company produced a mountain bike that was delivered to a retail outlet in November of 2007. The bicycle was sold to E.Z. Ryder in March of 2008. This bicycle is counted as:
a) consumption in 2007 and as negative investment in 2008. b) negative investment in 2007 and as consumption in 2008. c) negative investment in 2007 and as investment in 2008. d) investment in 2007 and as negative investment in 2008.