From 1970 to 2010, the real price of eggs decreased and the total annual consumption of eggs decreased
Which of the following would cause an unambiguous decrease in the real price of eggs and an unambiguous decrease in the quantity of eggs consumed? A) A shift to the right in the supply curve for eggs and a shift to the right in the demand curve for eggs.
B) A shift to the left in the supply curve for eggs and a shift to the right in the demand curve for eggs.
C) A shift to the left in the supply curve for eggs and a shift to the left in the demand curve for eggs.
D) none of the above
D
You might also like to view...
Suppose regulators impose a price ceiling on a monopoly. If the price ceiling is set too high
a. deadweight loss will be eliminated. b. deadweight loss will be reduced. c. deadweight loss will be increased. d. deadweight loss will not be affected.
When firms exit a perfectly competitive industry, the market supply curve shifts to the left
Indicate whether the statement is true or false
With regard to the American Revolution, research suggests that
(a) it was not waged against the law but against a particular alien authority. (b) all contracts, respecting property, remained basically unchanged. (c) the basic ideas established in the colonial era remained untouched by the Revolution, apart from the abolition of primogeniture and perpetual entailment. (d) all of the above are true.
In the long run in monopolistic competition, firms earn zero economic profit
a. True b. False