A shift occurs in the supply curve for salt when:
A. the price of salt increases.
B. improvements are made in the production process.
C. salt is found to be associated with high blood pressure.
D. consumers expect the price of salt to increase in the future.
Answer: B
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In the Monetarist view, the aggregate demand curve will be unstable when __________ is __________
A) exogenous investment; stable B) the money supply; stable C) exogenous investment; varies D) money supply; varies
Which of the following is (are) likely to cause the marginal product of an input to decrease?
A) an increase in the real price of the input B) a decrease in the quantity of the input used in production C) technological advances D) all of the above E) none of the above
New classical economists contend that both the short-run and long-run aggregate supply curves are vertical
a. True b. False Indicate whether the statement is true or false
Tacit collusion among firms involves explicit agreements on pricing and output levels
a. True b. False