If the demand for jelly decreases, and the price of grapes (used to make jelly) rises
A) the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall.
B) the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall.
C) the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly falls.
D) the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly rises.
C
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The value of labor is in skill, effort and knowledge
Indicate whether the statement is true or false
Refer to Scenario 10.3. At the profit-maximizing level of output, demand is
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
Which one of the following would lead to an eventual change in the total money supply?
A. a customer's cash withdrawal from an ATM B. a customer moves funds from her checking account to her savings account C. using a credit card to purchase a new television D. depositing a paycheck in a bank
Economics is the study of
A) how to own as many resources as possible. B) ceteris paribus. C) the way people think rather than the way they act. D) how people allocate their limited resources to satisfy their unlimited wants.