An increase in ________ tends to increase ________ and therefore increase ________
A) cost; price; supply
B) cost; demand; price
C) demand; price; cost
D) supply; cost; price
C
You might also like to view...
A critical assumption in economist A. P. Lerner's theory explaining why society's total utility is maximized with income equality is
a. there is no "level playing field" in people's choice of employment b. people have identical utility functions c. the rich earn their income by exploiting the poor d. people have equal skills if given equal opportunity e. the law of diminishing marginal utility does not apply to money
Which of the following scenarios describes a producer surplus?
a. The fashion company would accept $300 for its new wool jacket, but they sell it for $500. b. Nina is willing to spend $750 for a new designer wool jacket, but she finds it on sale for $500. c. The city budgeted $10,000 for a management consultant, but it was able to hire one for $9,000. d. The store needed $100 a dress to cover costs, but the few last dresses had to be marked down to $60.
Suppose a hurricane decreased the supply of oranges so that the price of oranges rose from $120 a ton to $180 a ton and quantity sold decreased from 800 tons to 240 tons. What is the absolute value of the price elasticity of demand?
A) 0.11 B) 0.37 C) 2.69 D) 9.33
A U.S. tariff on steel would reduce imports and lower the price of U.S. steel products.
Answer the following statement true (T) or false (F)