Shrimp is an increasingly popular part of the American diet. Louisiana shrimpers who represent the bulk of the U.S. industry were almost all put out of business by Hurricane Katrina
How did this affect the equilibrium price and quantity of shrimp?
The supply curve for shrimp shifted to the left resulting in a higher equilibrium price and lower equilibrium quantity.
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In recent years, average household income in the United States was highest for households headed by someone aged
A) 35 to 44. B) 45 to 54. C) 55 to 64. D) 65 and over.
Market economies have been successful in leading to economic growth because they have:
A. allowed companies that pollute to avoid paying any penalty for doing so. B. taken advantage of increased government subsidies. C. channeled individual efforts toward production and growth. D. ignored private property rights.
Public choice analysis suggests that the primary motivating factor for politicians will be finding the policies that are most likely to
What will be an ideal response?
Which is the most accurate statement?
A. Doctors' incomes are high because the demand for their services is high relative to the supply. B. Doctors' incomes are high because the supply of their services is high relative to the demand. C. Doctors' incomes are low because the demand for their services is high relative to the supply. D. Doctors' incomes are low because the supply of their services is high relative to the demand.