An increase in the supply of the product implies:
A. producers will now charge a higher price for a given quantity of output.
B. the supply curve will shift to the left.
C. the price of this product has increased.
D. the supply curve will shift to the right.
Answer: D
You might also like to view...
The mechanism that normally coordinates what goes on in an economy is the
A) government. B) Federal Reserve. C) price system. D) stock market.
Patents allow manufacturers to block the entry of new firms into an industry through
a. infringement suits b. economies of scale c. limit pricing d. price discrimination e. a government franchise
Bill can cook dinner in 45 minutes and mow the lawn in 1.5 hours. Eileen can cook dinner in 1.5 hours and mow the lawn in 2 hours. Which of the following statements is correct?
a. Bill should specialize in both tasks. b. Bill should specialize in cooking dinner; Eileen should specialize in mowing the lawn. c. Bill should specialize in mowing the lawn; Eileen should specialize in cooking dinner. d. Eileen should specialize in both tasks. e. neither person should specialize.
Self-insurance refers to the practice of setting aside funds to pay for medical care expenses instead of paying premiums to an insurance company. Approximately, ______ of all employees who participate in group insurance plans work for firms that self-insure.
a. three-fourths b. two-thirds c. one-fourth d. one-third e. one-half