The growing popularity of energy conservation has enticed large home improvement stores like Home Depot and Lowes to offer tankless water heaters. How does the fact that home improvement stores now offer these products affect the tankless water heater
market?
A) The demand curve for tankless water heaters shifts to the right.
B) The demand curve for tankless water heaters shifts to the left.
C) The supply curve for tankless water heaters shifts to the right.
D) The supply curve for tankless water heaters shifts to the left.
Answer: C
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Information asymmetry in a market can lead to ________
A) a market failure B) the paradox of thrift C) the free-rider problem D) a tragedy of the commons
Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $13, Marko's will produce
A) 1 shirt. B) 2 shirts. C) 3 shirts. D) 4 shirts.
Poor families are eligible for financial assistance, without having to demonstrate any additional "need,"
a. under the current welfare system and under a negative income tax. b. under the current welfare system but not under a negative income tax. c. under a negative income tax but not under the current welfare system. d. under neither the current welfare system nor under a negative income tax.
The true value of a good or service may be understated in GDP if different measures of service output fail to reflect improvement in the speed or quality of service
Indicate whether the statement is true or false