Lead is an important input in the production of crystal. If the price of lead decreases, then we would expect the supply of
a. crystal to be unaffected.
b. crystal to decrease.
c. crystal to increase.
d. lead to increase.
c
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The supply curve of dollars in the foreign exchange market is:
A) downward sloping. B) upward sloping. C) horizontal. D) vertical.
Although McDonalds operates in a market structure with many competitors and substitute foods, it often engages in ________ with its major fast food competitors
A) monopoly behavior. B) oligopoly behavior. C) competitive behavior. D) none of the above.
The law of diminishing marginal utility helps explain: a. why most individual demand curves are straight lines. b. why most supply curves slope upward
c. why most individual demand curves slope downward. d. why marginal utility falls when total utility falls.
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. Which of the following statements is true?
a. Brazil has a comparative advantage in producing coffee. b. Brazil has a comparative advantage in producing both coffee and sugar. c. Chile has a comparative advantage in producing both coffee and sugar. d. Neither Chile nor Brazil has a comparative advantage in producing coffee. e. Brazil has a comparative advantage in producing sugar.