Under perfect competition, a rightward shift of the market supply curve could be caused by
a. decrease in consumer demand
b. technological advance
c. high rate of inflation
d. high interest rate
e. increase in consumers' income for a normal good
B
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The negative slope of the production possibilities frontier represents the idea
A) that free lunches are possible. B) of tradeoffs, that in order to produce more of one good, the nation must produce less of another. C) of unemployment. D) of inefficient production. E) that prices rise as less is produced.
Refer to Figure 5-13. The efficient equilibrium quantity of gasoline is ________ million gallons per month
A) 20 B) 32 C) 48 D) 56
Which of the following would an economist classify as capital?
a. 100 shares of Microsoft stock. b. $50 bill. c. credit card. d. lawyer's personal computer.
Consider two goods: peanuts and crackers. The slope of the consumer's budget constraint is measured by the
a. consumer's income divided by the price of crackers. b. relative price of peanuts and crackers. c. consumer's marginal rate of substitution. d. number of peanuts purchased divided by the number of crackers purchased.