Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase?
A) a drought that sharply reduces barley output
B) an increase in consumer income
C) a decrease in consumer income
D) unusually good weather that results in a bumper crop of barley
C
You might also like to view...
In the United States, barriers to entry in professional team sports (for example, football and baseball) result from
A) the draft of college players, which grants teams exclusive signing rights to individual players. B) long-term leases teams sign for stadiums and ballparks in major cities. C) the reserve clause, which is a provision in contracts of professional athletes that require them to play for specific teams over the length of their contracts. D) television contracts, which give networks the exclusive rights to broadcast games.
A decrease in the price of resources will cause the aggregate supply curve to
a. shift outward. b. shift inward. c. become flatter. d. become steeper.
The initial bond purchaser
A. Lends funds directly to the bond issuer. B. Earns par value on the bond. C. Borrows funds directly from the bond issuer. D. Shares in the company's profits.
"In-kind" rather than cash transfer payments are represented by
A. public assistance payments. B. unemployment insurance benefits. C. Social Security benefits. D. food stamps.