Which of the following would shift the supply curve for smartphones to the right?
A) an increase in consumer income (assuming that all smartphones are normal goods)
B) an increase in the price of a substitute in production
C) a decrease in the price of an input used to produce smartphones
D) a decrease in the number of firms that produce smartphones
C
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Refer to the scenario above. If both the firms are optimizing, which of the following statements is true?
A) Firm B will produce more than Firm A. B) Firm A will produce more than Firm B. C) Both firms will produce the same quantity. D) The quantity produced by both firms will depend on the demand for pens and not the marginal costs.
________ gross domestic product is the value of ________ linked back to the prices of a single year
A) Real; total production B) Real; production possibilities C) Productivity; the consumer price index D) Nominal; total production
The purchase of $1 million of Treasury securities by the Federal Reserve, if there is no change in the quantity of currency, will cause reserves at banks to
A) increase by $1 million. B) decrease by less than $1 million. C) decrease by $1 million. D) increase by less than $1 million.
Drivers have to pay a toll to drive on certain roads. In essence, a toll is a corrective tax on the externality of __________
Fill in the blank(s) with correct word