An increase in input prices will cause
A) supply to shift rightward, equilibrium price to rise, and equilibrium quantity to fall.
B) supply to shift leftward, equilibrium price to rise, and equilibrium quantity to fall.
C) supply to shift rightward, equilibrium price to fall, and equilibrium quantity to rise.
D) supply to shift leftward, equilibrium price to fall , and equilibrium quantity to rise.
B
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Capital can be treated as a free resource
Indicate whether the statement is true or false
If a person claims, "I wouldn't eat anchovies if you paid me," we can assume that his marginal utility of anchovies is
A. positive. B. positive, but decreasing. C. negative. D. zero.
Other things equal, if the national incomes of the major trading partners of the United States were to rise, the U.S.:
A. aggregate demand curve would shift to the right. B. aggregate supply curve would shift to the left. C. aggregate supply curve would shift to the right. D. aggregate demand curve would shift to the left.
Absent externalities and public goods, a perfectly competitive system is equitable.
Answer the following statement true (T) or false (F)