Which would not cause the supply curve to shift?
A) a change in technology
B) a change in factor costs
C) a change in the price of the good
D) a change in the prices of related goods
Ans: C) a change in the price of the good
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In comparing the magnitudes of the components of GDP according to the expenditure approach, we see that in the United States
A) government expenditure on goods and services is the largest category. B) investment is the largest category. C) investment is much larger than government expenditure on goods and services. D) investment is less than government expenditure on goods and services. E) investment, government expenditure on goods and services, and consumption expenditure are all about the same size.
Which of these statements describes inflation? a. It refers to the temporary rise and fall in the price of a particular good in a market. b. It refers to a one-time shift in the equilibrium price of a good
c. It refers to an increase in the demand for a particular good. d. It refers to an ongoing increase in prices from year to year.
A tariff ______ the domestic price of a good and ______ the quantity sold.
A. increases; increases B. decreases; decreases C. increases; decreases D. decreases; increases
Which of the following best describes the situation at point B in Exhibit 10-3?
What will be an ideal response?