Which of the following will not shift the demand curve for a good?
A) an increase in population B) a decrease in the price of a substitute good
C) an increase in consumer incomes D) an increase in the price of the good
D
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You expect one-third of your customers to be high value, willing to pay $9 for your product, and the other two-thirds to be low value customers willing to pay only $3 . You cannot tell them apart. If the product costs $3, and you charge $9, what is your expected profit?
a. $1 b. $2 c. $3 d. $4
An apple orchard currently hires 10 workers. The owner estimates that hiring an additional worker would increase apple yields by 20 bushels per day. The price of apples is $15 per bushel. The owner should hire the extra worker if the wage rate is no greater than
a. $50 per day. b. $150 per day. c. $200 per day. d. $300 per day.
The study of the decision-making process of government is the study of:
a. public choice theory. b. rational expectations theory. c. Keynesian economics. d. social economics.
Full employment does not mean that there is zero unemployment because
A) of unrealistic wage expectations. B) some cyclical unemployment is always present. C) of the existence of discouraged workers. D) business fluctuations are inevitable. E) some frictional unemployment is always present.