The price of salsa rises. How does the increase in the price of salsa affect the supply of salsa?
A) The supply of salsa increases.
B) The supply of salsa decreases.
C) There is no change to either the supply of salsa or the quantity of salsa supplied.
D) There is no change to the supply of salsa, but the quantity of salsa supplied increases.
E) There is no change to the supply of salsa, but the quantity of salsa supplied decreases.
D
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Suppose a powerful labor union negotiates a wage for its members above the equilibrium wage rate in a nonunionized market. A likely result of this is that
A. this firm will make up for the higher wage rate by expanding output. B. the union will have difficulty recruiting new members. C. not everyone who wants to work at the new wage will be able to find jobs. D. union members will be able to work more overtime than before.
As a unit of account, money is used
A) to hold purchasing power over time. B) to define prices of all other goods. C) to pay off future debts. D) to exchange for goods and services.
Which of the following factors can influence the production possibilities frontier in the future?
a. The amount of capital produced b. A fall in the rate of inflation c. A decrease in consumption in an economy d. An increase in the tax rate e. A legal reform that increases transaction costs
Which of the following examples would fit this graph?
a. A celebrity endorsement causes the desire for broccoli to increase as flooding destroys much of the broccoli crop.
b. A report emphasizing the health benefits of yogurt causes increased competition to buy this good as production of yogurt increases.
c. Fewer consumers buy CDS as more stream music, causing the production of CDs to drop.
d. Fewer consumers buy corn chips as more buy potato chips, but the production of corn chip remains constant.