There will be an increase in supply when
A) a consumer's income increases.
B) there is an improvement in technology.
C) the demand curve shifts.
D) the market price rises from $3 to $4.
B
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A demand curve shows
A) the willingness of consumers to substitute one product for another product. B) the relationship between the price of a product and the total benefit consumers receive from the product. C) the willingness of consumers to buy a product at different prices. D) the relationship between the price of a product and the demand for the product.
What is logrolling?
A) a situation where a policymaker gets the government to fund a non-essential project benefiting her family members B) a situation where a policymaker accepts bribes to prevent proposed legislation from coming to a vote C) a situation where policymakers transfer resources from those voters who are unlikely to have a huge impact on the political outcome to those who contribute to political campaigns D) a situation where a policymaker votes to approve a bill in exchange for favorable votes from his colleagues on other bills
According to the above table, if real Gross Domestic Product (GDP) is $25,000, planned saving equals
A) $2,000. B) $3,000. C) $4,000. D) $5,000.
For a perfectly competitive industry, diminishing marginal returns
A. occur only in the long run. B. occur in both the short run and in the long run. C. occur only in the short run. D. Diminishing marginal returns do not occur in perfectly competitive industries.