In the supply-and-demand diagram of the market for peanut butter, the equilibrium point has moved down and to the right. What could have caused this?
A) a fall in the price of peanuts
B) a rise in the price of peanuts
C) a rise in income, assuming that peanut butter is an inferior good
D) a shift in preferences toward peanut butter
A
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Ceteris paribus, if a 6% increase in price causes an 8% increase in quantity supplied, then: a. supply is elastic
b. supply is unit elastic. c. supply is inelastic. d. the supply curve is perfectly vertical.
Which of the following is accurate about John Maynard Keynes?
a. He was one of the most influential economists in early U.S. history. b. He believed economics is a subject but not a way of thinking. c. He believed economics is not just a subject area but also a way of thinking. d. He believed that economics is not a subject but is a way of thinking.
Critics of the minimum wage argue that as an antipoverty device it is "poorly targeted." By this they mean that:
A. the minimum wage only applies to a small percentage of the labor force. B. many who benefit from the minimum wage are teenagers or not poor. C. the government has been unable to enforce the minimum wage. D. the average level of wages in the economy is considerably higher than the minimum wage.
A "winner-takes-all market" like that for entertainers exhibits huge differences between the top talents and the next tier of artists in all of the following aspects, except:
A. Marginal revenue product B. Talent C. Earnings D. Media hype