Which of the following would most likely shift the D curve for fresh strawberries being sold in a grocery store (a normal good) to the right?
a) Increase in the S of strawberries.
b) Decrease in the P of strawberries.
c) Decrease in the P of a complement (e.g. ice cream or strawberry shortcake).
d) All of the above.
e) None of the above.
c) Decrease in the P of a complement (e.g. ice cream or strawberry shortcake).
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To combat the undersupply of public goods, a solution is:
A. for the government to step in and provide it directly. B. to place a quota on the consumption of the good. C. to change social norms around consumption of the good. D. put a quota on the amount that people can consume.
In cases of natural monopoly, it is best to have only one firm producing all of the output in a market
a. True b. False Indicate whether the statement is true or false
Events like war shift the long-run aggregate supply curve of an economy to the right
a. True b. False Indicate whether the statement is true or false
What do economists call the difference between the most an individual is willing to pay for an item and what the individual actually has to pay?
a. price elasticity b. consumer surplus c. indifference curve d. payment terms