Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews rises from $4 to $6, the market quantity demanded would
A) decrease by 33 lbs. B) increase by 33 lbs. C) increase by 39 lbs. D) decrease by 39 lbs.
D
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The marginal product of a country's workers falls during winters due to excessive cold. Which of the following is likely to happen in this case, assuming all else equal?
A) The country's labor demand curve will shift to the right in winter. B) There will be an upward movement along the labor demand curve. C) The country's labor demand curve will shift to the left in winter. D) There will be a downward movement along the labor demand curve.
The accountant's definition of profits, or the definition used for tax purposes, is not wholly satisfactory from the economist's point of view because
A) accountants are paid by business firms and consequently tend to exaggerate the size of profits. B) accountants deal with empirical data while economists are interested in theoretical explanations. C) accountants tend to minimize profits in order to avoid the payment of unnecessary taxes. D) accounting costs do not include the entrepreneur's opportunity costs.
Which of the following is not a commonly-cited explanation for the dramatically increasing labor-force participation rates for women from 1950 to the present?
a. availability of reliable birth control b. invention of household labor-saving devices such as dishwashers and microwave ovens c. an increasing number of women who work to support their parents d. changing social attitudes about working mothers
Most economists in the U.S. believe that the price mechanism leads to
A. an efficient allocation of resources. B. an equitable distribution of income. C. both an efficient allocation of resources and an equitable distribution of income. D. neither an efficient allocation of resources nor an equitable distribution of income.