Which of the following shifts the supply curve for good X leftward?
A) a situation in which quantity demanded exceeds quantity supplied
B) an increase in the cost of the machinery used to produce X
C) a technological advance in the production of X
D) a decrease in the wages of workers employed to produce X
B
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Why do producers tend to be better represented in lobbying efforts and other elements of the political process than consumers?
What will be an ideal response?
In the above figure, Brendan originally consumes at point A. If his income rises and both compact discs and haircuts are normal goods then he could begin consuming at point
A) B, C, or D. B) B. C) C. D) D.
If the demand faced by a firm is inelastic, selling one more unit of output will
a. increase revenues. b. decrease revenues. c. keep revenues constant. d. increase profits.
The long-run Phillips curve:
a. is horizontal. b. is the same as the short-run Phillips curve. c. displays a positive relationship rather than an inverse relationship. d. is exponential. e. is vertical.