"Because of unseasonable cold weather, much of the peach crop has been destroyed." This statement indicates that the:
a. price of peaches will fall.
b. quantity of peaches that will be available at any given price has decreased.
c. demand for peaches will shift to the left.
d. quantity of peaches that will be available at any given price have increased.
b
You might also like to view...
Refer to the above figure. Line ABCD is a(n)
A) discretionary-policy curve. B) Phillips curve. C) natural rate of unemployment curve. D) aggregate demand curve.
How does an unusually warm winter affect the equilibrium price and quantity of gloves?
A) It raises both the price and the quantity. B) It raises the price and decreases the quantity. C) It lowers the price and increases the quantity. D) It lowers both the price and the quantity.
By definition, a government-sponsored good
A) is a good that is deemed socially desirable. B) is a good that should be available only to upper-income groups. C) is always provided at a zero price. D) does not affect society's general welfare.
Which is greater -- economic profit or accounting profit?