Changes in weather cause abrupt shifts in the food supply curve that result in price fluctuations.
Answer the following statement true (T) or false (F)
True
Changes in weather cause abrupt shifts of the food supply curve. When combined with the relatively inelastic demand for food, these supply shifts result in wide price swings.
You might also like to view...
Financial firms whose loans are often $100 or less operate in ________
A) the microcredit market B) the hedge fund industry C) the macrofinance market D) the credit union sector
If a firm is producing at an output where the total revenue curve crosses the total cost curve,
a. revenue is maximized b. cost is maximized c. cost is minimized d. profit is maximized e. profit is zero
Which of the following ia a belief of classical theory?
a. Long-run full employment. b. Inflexible wages. c. Inflexible prices. d. All of these.
Exhibit 14A-6 Aggregate demand and supply model
?
Beginning from a point of short-run equilibrium at point E2 in Exhibit 14A-6, the economy's movement to a new position of long-run equilibrium from that point would best be described as:
A. a movement along the AD2 curve caused by a shift in the SRAS1 curve to SRAS2. B. a movement along the SRAS1 curve with a shift in theaggregate demandcurve. C. a shift in the LRAS curve to an intersection at E3. D. no shift of any kind.