Which of the following would most likely cause the supply of wheat to increase?
a. a decrease in the price of corn, a substitute for wheat
b. a technological advance that lowers the cost of producing wheat
c. an increase in the cost of producing wheat
d. a change in consumer preferences, causing them to prefer plain white bread to whole-wheat bread
B
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Put the following products in order from the least to the most elastic demand: Domino's pizza, pizza, and pizza from Domino's on the corner of Main Street and 8th Avenue
a. Domino's pizza; pizza; pizza from Domino's on the corner of Main Street and 8th Avenue b. pizza; pizza from Domino's on the corner of Main Street and 8th Avenue; Domino's pizza c. pizza; Domino's pizza; pizza from Domino's on the corner of Main Street and 8th Avenue d. pizza from Domino's on the corner of Main Street and 8th Avenue; Domino's pizza; pizza
Using the saving-investment approach, which of the following describes an equilibrium condition of GDP?
A. I = X ? IM B. S = X ? IM C. I = S + (X ? IM) D. S = I + (X ? IM)
Refer to the information provided in Figure 6.8 below to answer the question(s) that follow.
Figure 6.8Refer to Figure 6.8. The marginal utility of the fourth movie rental is
A. 0. B. 3. C. 25. D. 28.
Which of the following is TRUE of a natural monopoly?
A) Its long-run average cost curve slopes upward as it intersects the demand curve. B) Economies of scale exist to only a very low level of output. C) Economies of scale allow one firm to supply the entire market at the lowest possible cost. D) The firm is not protected by any barrier to entry.