If the price of oranges, a substitute for apples, decreases and the wages of apple workers increases, how will the equilibrium point change?
Answer: The equilibrium point will move from A to E
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Sales tax is an example of an indirect business tax
Indicate whether the statement is true or false
Citizens can consume more of everything in a(n)
A. open economy. B. closed economy. C. economy with many citizens. D. autarky.
The amount of pizzas that consumers want to buy per week is reflected in the equation P = 15 - .02Qd, where Qd is the amount of pizzas purchased per week and P is the price of pizzas. On the basis of this information, we can say that
What will be an ideal response?
The assertion that income accrues to people as a consequence of interactions among suppliers and demanders
A) amounts to an endorsement of the existing system. B) amounts to an endorsement of the pattern of income distribution. C) ignores the fact that the interactions are often unfair. D) offers a way of approaching the issue of income distribution.