The removal in 1966 of the requirement that Catholics eat fish on Fridays was followed by a 12.5 percent fall in prices of fresh fish. From this it can be deduced that the
a. demand curve for fish shifted to the left.
b. demand curve shifted to the right.
c. supply curve shifted to the left.
d. supply curve shifted to the right.
a
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The square of the percentage market share of each firm summed over the 50 largest firms in a market is the
A) elasticity of demand value. B) elasticity of supply value. C) Herfindahl-Hirschman Index. D) four-firm concentration ratio. E) fifty-firm concentration ratio.
Growers expect that the price of a bushel of wheat will increase in one month. This belief results in
A) an increase in current supply of wheat. B) a decrease in current supply of wheat. C) a decrease in future supply of wheat. D) no change in current or future supply of wheat.
Which of the following is the BEST example of a common resource?
A) a can of Mountain Dew B) fish in the ocean C) cable television D) national defense
Shoe-leather costs refer to:
A. the money, time, and opportunity used to change prices to keep pace with inflation. B. being penalized via taxes for making more money in dollars, even though real purchasing power hasn't changed at all. C. the time, money, and effort one has to spend managing cash in the face of inflation. D. labor costs associated with inflation.