Suppose the demand curve for a good shifts rightward, causing the equilibrium price to increase. This increase in the price of the good results in
A) a rightward shift of the supply curve.
B) an increase in quantity supplied.
C) a leftward shift of the supply curve.
D) a downward movement along the supply curve.
B
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Which combination is a clear example of "joint products"?
A) Pine paneling and cherry wood B) Cherry wood and cherries C) Cherries and apples D) Apples and crackers
If the price of butter increases 5 percent and the amount of margarine purchased increases 25 percent, then the cross-price elasticity of these goods is:
A. 5. B. 5. C. 0.2. D. 0.2.
If the wage rate were $156, how many workers would be hired?
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, the equilibrium price of X will ________ and the equilibrium price of Y will ________.
A. increase; increase B. decrease; increase C. decrease; decrease D. increase; decrease