Consider the market for wheat. If there is an improvement in harvesting technology,
A) the demand curve for wheat shifts rightward.
B) the demand curve for wheat shifts leftward.
C) there is a movement up along the demand curve.
D) the supply curve for wheat shifts rightward.
E) the equilibrium price rises.
D
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If an import-competing firm is imperfectly competitive, then under free trade an export tariff will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic
national welfare. A) increase; have no effect on; decrease; increase; decrease B) decrease; decrease; increase; decrease; have no effect on C) increase; have no effect on; increase; decrease; increase D) decrease; increase; decrease; increase; decrease E) have no effect on; have no effect on; decrease; increase; decrease
If firms are price setters, a small decline in the demand for their outputs will cause them to
A) reduce price and reduce the level of output produced. B) reduce output in the short run, but reduce price in the long run. C) reduce price in the short run, but reduce output only in the long run. D) increase price in the short run to offset the effect on profits of a decline in output.
For wages to be higher without sacrificing jobs, productivity must decrease.
Answer the following statement true (T) or false (F)
Economic growth shifts a society's production possibility frontier away from the origin.
Answer the following statement true (T) or false (F)