A fall in the price of pesticide use in the production of cotton will
A) decrease the supply of cotton, causing the supply curve of cotton to shift to the left.
B) increase the supply of cotton, causing the supply curve of cotton to shift to the left.
C) cause a downward movement along the supply curve of cotton.
D) have no effect on the supply of cotton.
E) None of the above
E
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The production of 1,000 shirts leaves an apparel manufacturer with a capacity to produce no more than 1,100 trousers during a month. This implies:
a. the production level is inefficient. b. that if the production of trousers is reduced, that of shirts will also decline. c. that a reallocation of resources may make previously unachievable outcomes achievable. d. the production level is efficient.
Advertising during the Super Bowl is an example of information about quality contained primarily in the existence and expense of the advertising
a. True b. False Indicate whether the statement is true or false
The cost a business faces when changing prices in response to an economic shock is called
What will be an ideal response?
Due to wildfires in Northern California, agricultural experts predict a 30 percent decline in this year's grape harvest. What happens in the California wine market as a result of this announcement?
A) The demand curve for California wine shifts to the left in anticipation of higher prices in the future. B) The demand curve for California wine shifts to the right in anticipation of higher prices in the future. C) The supply curve for California wine shifts to the right in anticipation of higher prices in the future. D) The supply curve for California wine shifts to the left in anticipation of lower quantities in the future.