Which of the following would shift the supply curve for energy drinks to the left?
A) a decrease in the number of firms that produce energy drinks
B) an increase in consumer income (assuming that energy drinks are normal goods)
C) a decrease in the expected future price of energy drinks
D) a decrease in the price of an input used to produce energy drinks
A
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In the above figure, income is $8, the price of a soft drink is $1, and the initial price of a milkshake is $2. If the price of a milkshake decreases to $1, milkshakes are revealed to be
A) an inferior good. B) a normal good. C) less preferred than soft drinks. D) None of the above answers is correct.
Moving along the supply curve for labor, increases in the quantity of labor result from ________
A) diminishing returns to labor effort B) a rising cost of leisure C) a reduced preference for leisure D) more efficient recruitment of workers
The chief economic cost associated with unemployment is
a. the benefits paid to the unemployed by the government b. the foregone output that would have been produced if those individuals were employed c. the taxes that are passed along to individuals to pay for unemployment insurance d. higher crime rates e. the psychological costs associated with unemployment
The reserve-deposit ratio equals:
A. bank deposits divided by bank reserves. B. 10 percent of bank reserves. C. bank reserves divided by bank deposits. D. 10 percent of bank deposits.