If the money price of a resource such as oil falls, then the
A) LAS curve shifts rightward.
B) LAS curve shifts leftward.
C) SAS curve shifts leftward.
D) SAS curve shifts rightward.
D
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The above figure illustrates a perfectly competitive wheat farmer
a. What will be the firm's profit-maximizing price and output? b. When the farmer produces 25,000 bushels of wheat, the difference between the firm's average total cost and the price is at its maximum. Explain why this amount of wheat either is or is not the profit-maximizing quantity.
Health care makes up ________ of the U.S. economy
A) about 2 percent B) roughly 8 percent C) more than one-sixth D) almost two-thirds
A characteristic of the market system is:
A. Extensive use of direct methods of production B. A focus on labor, as opposed to capital resources C. Reliance on the use of capital goods to expand total output D. Avoidance of producing goods that do not satisfy consumer wants directly
Refer to the data. If price was initially $4 and free to fluctuate, we would expect the:
Answer the question on the basis of the given supply and demand data for wheat:
A. quantity supplied to continue to exceed the quantity demanded.
B. quantity of wheat supplied to decline as a result of the subsequent price change.
C. quantity of wheat demanded to fall as a result of the subsequent price change.
D. price of wheat to rise.