There is a technological advance in the production of ice cream. As a result, the supply curve of ice cream shifts ________ and ________
A) leftward; both the equilibrium price and equilibrium quantity fall
B) rightward; both the equilibrium price and equilibrium quantity fall
C) rightward; the equilibrium price falls while the equilibrium quantity increases
D) rightward; both the equilibrium price and equilibrium quantity rise
C
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The market supply curve for labor in a perfectly competitive labor market:
A) is horizontal or perfectly elastic. B) is vertical or perfectly inelastic. C) can be derived by vertically adding the individual supply curves of labor. D) can be derived by horizontally adding the individual supply curves of labor.
The members of Federal Reserve district bank boards of directors who are bankers are known as
A) Class A directors. B) Class B directors. C) Class C directors. D) Class D directors.
Refer to Scenario 5.1. The expected value of the undertaking,
A) according to Sarah, is $75,000. B) according to Sarah, is $100,000. C) according to Sarah, is $110,000. D) according to Aline, is $200,000. E) according to Aline, is $100,000.
If demand is elastic, an increase in price will increase total revenue
a. True b. False Indicate whether the statement is true or false