Which of the following is most likely to occur because of an increase in the price of electricity in California?
A. A decrease in the supply of electricity in California.
B. A decrease in electricity imported into California.
C. An increase in the consumption of electricity in California.
D. An increase in electricity imported into California.
Answer: D
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As long as the market sets prices above marginal costs, production will be efficient.
Answer the following statement true (T) or false (F)
As the number of firms in a market decreases, the supply curve will shift to the left and the equilibrium price will rise
Indicate whether the statement is true or false
"Demand" refers to the relationship between the price of a good and the quantity consumers are willing and able to buy at each price
Indicate whether the statement is true or false
As the interest rate rises, the present value of a given perpetual stream of income
A) increases. B) decreases. C) does not change. D) approaches infinity.