Which of the following demonstrates the law of supply?
a. When the price of leather belts rose, leather belt sellers increase their quantity supplied of leather belts.
b. When car production technology improved, car producers increased their supply of cars.
c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters.
d. When ketchup prices rose, ketchup sellers decreased their quantity supplied of ketchup.
a
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What kind of game is shown in Scenario 13.13?
A) Battle of the Sexes. B) Matching Pennies. C) Prisoners' Dilemma. D) The Product Choice game. E) It is not possible to tell what kind of game it is because the strategies have not been identified.
Imports are a leakage in the sense that
A. the international financial system is unstable. B. consumers buy foreign output of goods and services. C. foreigners earn less than U.S. workers. D. a trade deficit increases aggregate demand.
Which of the following most clearly illustrates the concept of "derived demand"?
a. An increase in the price of steak causes the demand for poultry to increase. b. An increase in the demand for new houses leads to an increase in the demand for construction workers. c. An increase in consumer income leads to an increase in the demand for services provided by the government. d. An increase in the demand for new cars causes the demand for used automobiles to rise.
When a tax is levied on the sellers of a good, the
a. supply curve shifts upward by the amount of the tax. b. quantity demanded decreases for all conceivable prices of the good. c. quantity supplied increases for all conceivable prices of the good. d. None of the above is correct.