A severe drought has damaged this year's lettuce cro
A) decrease in the demand for lettuce.
B) decrease in the supply of lettuce.
C) decrease in both the demand and supply of lettuce.
D) rightward movement along the demand curve for lettuce.
B
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If demand is inelastic, a drop in price will raise total expenditure.
Answer the following statement true (T) or false (F)
The evidence shows that the domestic and world markets for American cotton contributed to the spread of slavery into new lands
Indicate whether the statement is true or false
Because the short-run average total cost curve slopes downward for an information product, the firm experiences
A) a downward sloping marginal cost curve. B) a downward sloping average variable cost curve. C) short-run economies of operation. D) long-run diseconomies of scale.
An economy where private individuals guided by the invisible hand make decisions is known as a:
A. socialist economy. B. centrally planned economy. C. barter economy. D. market economy.