The price of coal fell and the quantity sold also fell. Everything else being equal, it is consistent that
A. the price of oil fell.
B. coal miners received large wage increases.
C. more efficient mining equipment was installed.
D. consumer incomes rose.
E. the supply of coal fell.
Answer: A
You might also like to view...
Which function of money allows for comparison shopping?
A) medium of exchange B) unit of accounting C) store of value D) standard of deferred payment
An increase in fixed cost will, in the long run, alter the industry output of
a. both a monopolist and a competitive industry. b. only a monopolist. c. only a competitive industry. d. neither a monopolist nor a competitive industry.
AZT is a drug that inhibits the reproduction of the AIDS virus, thus preventing the full development of the disease. The drug, which is sold in an unregulated market, is very expensive, and many AIDS patients who cannot afford it die from the disease. This case provides ammunition to critics of the market system on the basis of its
A. fairness. B. externalities. C. cost disease in services. D. inefficiency.
Natural gas found in Oklahoma is an example of
A. physical capital. B. human capital. C. labor. D. land.