When a hurricane destroys a significant portion of an apple crop:
A. apple prices decline, and quantity sold rises.
B. apple prices rise, and quantity sold falls.
C. apple prices rise, and quantity sold rises.
D. apple prices decline, and quantity sold falls.
Answer: B
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What can, in general, be said about a monopoly's supply curve?
a. A monopoly's supply curve, like that for a competitive firm, coincides with its marginal cost curve. b. A profit-maximizing monopoly will operate only on the elastic portion of its supply curve. c. The monopoly's supply curve is more inelastic than if the firm were competitive. d. The concept of a supply curve is meaningless in the context of the monopoly problem.
For a very long time the country of Zeeland has had an inflation rate of 9%. Suddenly its inflation rate drops to 3%. The drop in the inflation rate
a. could be due to slower money supply growth. We would expect unemployment to be higher. b. could be due to slower money supply growth. We would expect unemployment to be lower. c. could be due to higher money supply growth. We would expect unemployment to be higher. d. could be due to higher money supply growth. We would expect unemployment to be lower.
Productivity is the amount of goods and services
a. an economy produces. It is not linked to a nation's economic policies. b. an economy produces. It is linked to a nation's economic policies. c. produced for each hour of a worker's time. It is not linked to a nation's economic policies. d. produced for each hour of a worker's time. It is linked to a nation's economic policies.
At equilibrium, if quantity supplied is 16, quantity demanded
A. is less than 16. B. is 16. C. is more than 16. D. cannot be found without more information.