Which of the following activities are production?
A) combining flour, milk, and eggs to make cookies
B) moving crude oil from one part of Texas to an oil refinery near the Texas coast
C) taking ice cubes from a tray to put in a drink
D) All of the above are production.
Answer: D
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What is a surplus? What is a shortage?
What will be an ideal response?
Which of the following would not cause a shift in the supply curve for a good?
A. An increase in demand for that good. B. An increase in the cost of labor used to produce that good. C. A change in the cost of raw materials used to produce that good. D. A decrease in the cost of machinery used to produce that good.
List nine characteristics of the market system
Please provide the best answer for the statement.
Refer to Scenario 3.3 below to answer the question(s) that follow.SCENARIO 3.3: -Mustard and mayonnaise are substitutes. -Mustard and relish are complements. -Mustard is a normal good. -During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.Refer to Scenario 3.3. The government wants to protect consumers from rising food prices. Therefore, price restrictions are imposed on mustard producers, prohibiting them from raising the price of mustard. This will cause
A. an excess demand for mustard. B. an increase in the demand for mustard. C. a decrease in the supply of mustard. D. an excess supply of mustard.