Which of the following would NOT shift the demand curve for turkey?
A) an increase in income
B) a decrease in the price of ham
C) a change in people's preferences for turkey
D) a change in the price of a turkey
D
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The model of expectations in which the current level of inflation depends on past levels is referred to as:
A) realized real expectations. B) adaptive expectations. C) rational expectations. D) composite expectations.
What assumptions are necessary to argue that the quantity equation implies that increases in the money supply lead to proportional changes in the price level?
The classical dichotomy argues that changes in the money supply
a. affect both nominal and real variables. b. affect neither nominal nor real variables. c. affect nominal variables, but not real variables. d. do not affect nominal variables, but do affect real variables.
You observe that the demand for pomelo is given by Qd = 8,000-20Pand the supply of pomelo is given by Qs = 2,000 + 20P. What is the market equilibrium for pomelo?
A. P = 150, Q = 5,000 B. P = 500, Q = 16,000 C. P = 200, Q = 3,000 D. P = 50, Q = 2,500