Technological advances that allow a good to be produced at a lower cost will shift the demand curve rightward.
Answer the following statement true (T) or false (F)
False
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Explain why both rich and poor people experience scarcity
What will be an ideal response?
If income in the United States increases more rapidly than the income of our trading partners, other things constant, the dollar will
a. appreciate, imports will become less expensive, and domestic exports will become more expensive to foreigners. b. depreciate, imports will become less expensive, and domestic exports will become more expensive to foreigners. c. appreciate, imports will become more expensive, and domestic exports will become less expensive to foreigners. d. depreciate, imports will become more expensive, and domestic exports will become less expensive to foreigners.
Adam Smith's insight was that prices adjust to guide individual buyers and sellers to reach outcomes where, in many cases,
a. opportunity cost is minimized for buyers. b. scarcity is reduced for society. c. well-being of society is maximized. d. opportunity cost of production is maximized.
The price of iPhones has fallen dramatically. Which of the following is likely to happen?
A. The quantity of iPhones supplied will decrease. B. The quantity of iPhones supplied will increase. C. The supply of iPhones will decrease. D. The supply of iPhones will increase.