In the event of excess supply in the coffee market
A) the price of coffee will increase.
B) the price of coffee will decrease.
C) the supply of coffee will decrease (supply will shift to the left) to meet the demand.
D) the demand for coffee will increase (demand will shift to the right) to meet the supply.
B
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If the exchange rate appreciates, then the
A) quantity of dollars demanded increases. B) demand for dollars decreases. C) quantity of dollars demanded decreases. D) demand for dollars increases. E) supply of dollars decreases.
When calculating price elasticity of demand, if the percentage change in price is negative, then the percentage change in quantity demanded is typically:
A. positive. B. negative. C. less than one. D. greater than one.
A utility function is:
A. an equation for calculating the total utility that a group of people derive from consuming a particular good. B. an equation for calculating the total utility that a particular person derives from consuming a particular combination of goods and services. C. an equation for calculating the total utility that a particular person derives from consuming a particular good over a particular time period. D. an equation for calculating the most utility a particular person can derive.
Refer to the information provided in Figure 20.3 below to answer the question(s) that follow.
Figure 20.3Refer to Figure 20.3. The domestic price of shoes is $80. After trade the price of a pair of shoes is $60. After trade this country will ________ 300 pairs of shoes.
A. sell B. buy C. import D. export