(1)(2)(3)(4)(5)QdQdPriceQsQs5040$1070806050960708060850609070740501008063040Refer to the above table. In relation to column (3), a change from column (4) to column (5) would most likely be caused by:
A. government placing an excise tax on the good.
B. an increase in consumer income.
C. an improvement in production technology.
D. an increase in input prices.
Answer: C
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In the above table, the government sector balance is a
A) surplus of $200 billion. B) deficit of $200 billion. C) surplus of $100 billion. D) deficit of $100 billion.
Explain why advertising that results in spuriously differentiated products may result in a deadweight loss to total welfare
What will be an ideal response?
Refer to the above table. The marginal factor cost of labor is $200. To get the firm to hire 8 workers, the
A) firm must be able to reduce wages below the marginal factor cost. B) price of the good must be $8. C) eighth worker must be at least as productive as the seventh worker was. D) wage rate must be a fraction of the marginal factor cost of labor.
If a change in the price of one good does not cause a shift in the demand curve of another good, then the two goods are:
A. substitutes. B. complements. C. normal. D. not related.