In early 1996, the upper Midwest suffered record cold, with wind chills of fifty degrees below zero or worse. Yet, grocery stores stocked fresh citrus fruit (obviously not grown locally). Why did grocers stock the fruit?
a. the desire for profit
b. concern for their neighbors
c. the need to dispose of excess production
d. government orders to distribute fruit
e. All of the above are correct.
a
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Which of the following statements accurately characterizes American trade during the Revolutionary War?
a. The American colonies actively traded with France, Holland and Spain until 1778, when trade was hampered by British blockades. b. British blockades hampered the trade activities of first Northern and later Southern ports. c. American trade remained below pre-war levels. d. Decreases in imports led to increases in domestic production of textiles, beer and other products. e. Both b and c are correct.
An increase in price could occur due to a(n)
a. Increase in demand and no change in supply b. Decrease in supply and no change in demand c. An increase in demand and decrease in supply d. All of the above
Using the concept of elasticity, show that a drug enforcement policy aimed at getting rid of heroin suppliers may not be very effective in reducing heroin consumption
If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as ___________________.
a. excess supply b. excess demand c. ceteris paribus d. a price ceiling