Use the figure below to answer the following question.
The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S1 to S3?
A. an increase in the number of apple farmers
B. a decrease in the price of apples in the market
C. a decrease in the number of apple farmers
D. a decrease in the price of resources used to produce apples
Answer: C
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Refer to Figure 5-5. If, because of an externality, the economically efficient output is Q2 and not the current equilibrium output of Q1, what does D1 represent?
A) the demand curve reflecting social benefits B) the demand curve reflecting the sum of private and social benefits C) the demand curve reflecting private benefits D) the demand curve reflecting external benefits
As of 2008, the members of the WTO account for what percentage of world trade?
A) 3 percent. B) 23 percent. C) 57 percent. D) 97 percent
Everything else held constant, if a central bank makes a sterilized sale of foreign assets, then the domestic currency will
A) appreciate. B) depreciate. C) either appreciate, depreciate, or remain constant. D) not be affected.
Land's End estimates a demand curve for turtleneck sweaters to be: Log Q = .41 + 2.3 Log Y - 3 Log P where Q is quantity, P is price, and Y is a measure on national income. If the marginal cost of imported turtleneck sweaters is $9.00 . The optimal monopoly price would be:
a. P = $13.50 b. P = $26.50 c. P = $27.50 d. P = $34.50 e. P = $56.22