A drought in the Midwest will raise the price of wheat because of a
A) leftward shift in the supply curve.
B) rightward shift in the supply curve.
C) leftward shift in the demand curve.
D) rightward shift in the demand curve.
A
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When a market is not in equilibrium:
A. a change in either supply or demand is required to reestablish equilibrium. B. there is neither excess supply nor excess demand. C. the economic motives of sellers and buyers will move the market to its equilibrium. D. government intervention is required to achieve equilibrium.
? Assume that Figure 4-4 shows demand for MP3 players. An increase in the price of music downloads changes demand from
A. D1to D2. B. D2to D1. C. D2to D3. D. D1to D3.
Recall the Application. The change in demand for cigarettes resulting from the decrease in taxes would normally create, ceteris paribus
A) a decrease in their quantity supplied. B) a decrease in their supply. C) an increase in their supply. D) an increase in their quantity supplied.
Which of the following market structures is considered imperfectly competitive?
A. Perfect competition B. Monopolistic competition C. Monopoly D. All of these are considered imperfectly competitive.