Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?
What will be an ideal response?
A decrease in the price of wool shirts and a decrease in the price of raw cotton.
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Assume that in the market for bottled water, the market supply is QS = 14 + 20P and the market demand is QD = 74 – 10P. This means that the equilibrium quantity is
a. 2 b. 54 c. 6 d. none of the above
A nonexcludable public good is characterized by nonrivalry in
A. production and nonexcludability. B. consumption and rivalry in production. C. consumption and excludability. D. consumption and nonexcludability. E. none of the above
How did the use of the euro limit the use of monetary policy by European nations severely affected by the Financial Crisis of 2007-2009?
What will be an ideal response?
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.