If coffee and tea are substitutes and the supply of coffee increases, all of the following will result except
A. the price of coffee will fall.
B. the price of tea will fall.
C. the quantity of coffee purchased will rise.
D. the quantity of tea purchased will rise.
D. the quantity of tea purchased will rise.
You might also like to view...
The text refers to OPEC as a classic example of a cartel. OPEC is a group of countries that collude to control prices and output in the _______ industry(ies)
a. agriculture b. engineering and computer c. airline d. oil e. machinery
Which of the following describes the store of value function of money?
A) noting that Audible.com sells downloadable audio books for $10 per book B) making a monthly payment toward your car loan C) paying $30 for a haircut D) putting away $50 each month into your savings account
The two most important categories of assets on the Fed's balance sheet are ________ and ________ because they earn interest
A) discount loans; coins B) securities; discount loans C) gold; coins D) cash items in the process of collection; SDR certificate accounts
The backward-bending supply curve for labor occurs because _____
a. as wages increase, individuals pay higher taxes b. as wages increase, individuals consume more leisure c. as wages increases the number of hours worked increase d. as wages increase, employers cannot afford as many hours