A rightward shift in the demand curve for a product will ordinarily result from
a. a decrease in the advertising budget.
b. a decrease in the price of a competing product.
c. an increase in consumer income.
d. an increase in the price of a complementary good.
c
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For the federal government, what is the difference between discretionary spending and mandatory spending? What categories of spending account for the largest amount of the federal government's discretionary spending and mandatory spending?
What will be an ideal response?
What is defined as the ability of a firm to earn high profits by raising and keeping the prices of its products substantially above the levels at which those products would be priced in competitive markets?
A. Economies of scope B. Tacit collusion C. Monopoly power D. Perfect competition
Are property taxes progressive or regressive?
What will be an ideal response?
If Country A has an absolute advantage over Country B in the production of every commodity:
A. mutual gains from trade between Country A and Country B would be impossible. B. Country B would be able to gain from trade but not country A. C. the joint output of the two countries could not be increased through specialization and exchange. D. mutual gains from trade would still be possible.