A decrease in the number of sellers in the market causes
a. the supply curve to shift to the left.
b. the supply curve to shift to the right.
c. a movement up and to the right along a stationary supply curve.
d. a movement downward and to the left along a stationary supply curve.
a
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Refer to Figure 4-3. Kendra's marginal benefit from consuming the second ice cream cone is
A) $6.50. B) $6.00. C) $3.00. D) $2.25.
One desirable outcome of a market economy is that it leads to a more equitable distribution of income
Indicate whether the statement is true or false
Using a graph, explain how an increase in technology will affect the equilibrium price and quantity of DVD players. Again using a graph, explain what happens in the market for video cassette recorders.
What will be an ideal response?
Select the normative statement that completes the following sentence: If the minimum wage is raised:
A. cost per unit of output will rise. B. workers will gain their rightful share of total income. C. the rate of inflation will increase. D. profits will fall.