The supply and demand for wheat is given by QS = 200 + .2A + p and QD = 500 - p, where p is the price of wheat and A is the amount of rainfall (inches per year). The effect of an incremental increase in rainfall on equilibrium will be
A) a decrease the price of wheat by 10¢.
B) a decrease the price of wheat by 20¢.
C) an increase in the price of wheat by 20¢.
D) an increase in the price of wheat by 10¢.
A
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Consumers eat salsa with taco chips. The price of salsa rises. How does the increase in the price of salsa affect the demand for taco chips?
A) It decreases the demand for taco chips. B) It increases the demand for taco chips. C) It has no effect on the demand for taco chips. D) It will decrease the demand for taco chips only if taco chips are a normal good. E) It could increase, decrease, or have no effect on the demand for taco chips, but more information is needed to determine the impact.
National Public Radio would be considered a club good
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of a dummy variable?
A. A person’s hourly wage B. The number of years of education someone has C. The number of years of work experience someone has D. Whether or not someone has a college degree
The Internet has created a new category in the book selling market, namely, the "barely used" book. How does the availability of barely used books affect the market for new books?
A) The demand curve for new books shifts to the right. B) The demand curve for new books shifts to the left. C) The supply curve for new books shifts to the right. D) The supply curve for new books shifts to the left.