Recall the Application. The decrease in the price of wool would be reflected by a movement ________ on the market supply curve for wool
A) down and to the left B) up and to the right
C) up and to the left D) down and to the right
A
You might also like to view...
If the price of an ounce of gold is 200 ZARs in South Africa and $75 in Canada, what will be the South African Rand (ZAR) per Canadian dollar (C$) exchange rate?
a. C$1 = 4.25 ZAR b. C$1 = 1.75 ZAR c. C$1 = 2 ZAR d. C$1 = 2.67 ZAR e. C$1 = 4 ZAR
Merit goods are
a. goods that everyone wants b. goods that are rewards for appropriate behavior c. the same as public goods d. goods that some people think we need more of e. only produced by the government
Bubba is a shrimp fisherman who could earn $5,000 as a fishing tour guide. Instead, he is a full-time shrimp fisherman. In calculating the economic profit of his shrimp business, the $5,000 that Bubba gave up is counted as part of the shrimp business's
a. total revenue. b. explicit costs. c. implicit costs. d. marginal costs.
The belief that the velocity of money is not constant but highly predictable is associated with the:
a. Keynesian school. b. monetarist school. c. rational expectations school. d. supply-side school. e. classical school.