Which of the following will not shift a supply curve?
A) a change in the price of relevant resources
B) a change in the good's own price
C) a change in the number of sellers
D) a change in per-unit costs brought about by a change in taxes
B
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From 2015 to 2016, the overall price level rose from 200 to 220. Over this same period, tuition rates at the local community college rose from $100 to $115 per credit hour. What can be concluded from the rise in tuition relative to overall inflation?
a) Tuition rates increased at the same rate as inflation. b) Tuition rates increased at a slower rate than inflation. c) Tuition rates increased at a faster rate than inflation. d) Tuition rates and inflation cannot be compared with the numbers given.
Suppose the price elasticity of demand for Good A is 2.4 and the price elasticity of demand for Good B is 1.2. Which of the following statements is consistent with these values?
A. Good A is a luxury and Good B is a necessity. B. Good A is a good several days after a price increase while Good B is that same good several years after the price increase. C. Good A is ice cream and Good B is mint chocolate chip ice cream. D. Good A is salt and Good B is college tuition.
Suppose there is a simultaneous fiscal expansion and monetary contraction. We know with certainty that
A) output will increase. B) output will decrease. C) the interest rate will increase. D) the interest rate will decrease. E) both output and the interest rate will increase.
As a firm's output expands, the
A. ATC will reach a minimum before the AVC. B. AVC will reach a minimum before the ATC. C. ATC and AVC will reach minimums at the same output.