Describe the changes in the variables that will cause supply for a product to decrease, shifting the supply curve up and to the left
What will be an ideal response?
an increase in wages of workers who produce the product; an increase in the prices of materials or capital used to produce the product; an increase in the per-unit tax on the product; an increase in the expected future price of the product; a decrease in the number of producers of the product.
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Political candidates tend to be very similar in a representative democracy because _____
a. most candidates are wealthy b. the average voter demands conformity c. of cyclical majorities d. party platforms converge toward the median voter
The tax incidence of a payroll tax results in an increase in net wages.
Answer the following statement true (T) or false (F)
If an economy is producing a level of output that is on its production possibilities curve, the economy
A) has idle resources. B) has idle resources but is using resources efficiently. C) has no idle resources but is using them inefficiently. D) has no idle resources and is using resources efficiently.
In contrast to development, growth refers to an increase in:
A. output with no change in productive capacity. B. output brought about by an increase in inputs. C. output brought about by a change in the production function. D. productive capacity with no change in output.