Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?
A) a decrease in demand and a decrease in supply
B) an increase in supply
C) a decrease in demand and an increase in supply
D) an increase in supply and an increase in demand greater than the increase in supply
B
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An inflation-prone country
A) gains from vesting its monetary policy decisions with a "conservative" central bank. B) loses from vesting its monetary policy decisions with a "conservative" central bank. C) gains from vesting its fiscal policy decisions with a "conservative" central bank. D) loses from vesting its fiscal policy decisions with a "conservative" central bank. E) remains constant when vesting its fiscal policy decisions with a "conservative" central bank.
The existence of a monopoly:
A. creates a gain of total surplus. B. benefits the consumer. C. benefits the monopolist. D. creates more consumer surplus.
Externalities are
a. side effects passed on to a party other than the buyers and sellers in the market. b. side effects of government intervention in markets. c. external forces that cause the price of a good to be higher than it otherwise would be. d. external forces that help establish equilibrium price.
Refer to the figure above. The elasticity of supply for a product will be 2 when:
A. a 1 percent decrease in the price causes a 0.2 percent decrease in quantity supplied. B. a 1 percent decrease in price causes a 2 percent decrease in quantity supplied. C. a 2 percent decrease in price causes a 1 percent decrease in quantity supplied. D. a 2 percent decrease in price causes a 2 percent decrease in quantity supplied.