How a supply curve is sloped and located is affected by:
A) consumer preferences.
B) resource prices.
C) the number of consumers.
D) all of the above.
Ans: B) resource prices.
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What is a network externality?
A) It refers to a product that requires connection to a network for it to be useful. B) It refers to a situation in which a product's usefulness increases with the number of people using it. C) It refers to having a network of suppliers and buyers for a good or service. D) It refers to lobbying to form a public enterprise.
The above figure shows the demand and cost curves facing a monopoly. At the profit-maximizing price, the elasticity of demand equals
A) -1. B) zero. C) infinity. D) -3.
Suppose the wage earned by pear pickers suddenly rises. Which of the following effects would we most likely observe as a result?
a. The supply of apple pickers would decrease and the equilibrium wage of apple pickers would decrease. b. The supply of apple pickers would decrease and the equilibrium wage of apple pickers would increase. c. The demand for apple pickers would increase and the equilibrium wage of apple pickers would decrease. d. The demand for apple pickers would decrease and the equilibrium wage of apple pickers would decrease.
When overall production is taken into account, trade restrictions, such as those enacted by the Smoot-Hawley trade bill,
A) save good paying jobs. B) reduce imports, without affecting the volume of exports. C) increase employment in the domestic industries that are most productive. D) neither create nor destroy jobs; they