Refer to the diagram above, which shows three supply curves for corn. A movement from point a to point b is caused by a change in the:
Price of corn in the market
Number of corn farmers
Price of resources used to produce corn
Technology of corn farming
Price of corn in the market
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The local banking industry currently has a Herfindahl-Hirschman index (HHI) value of 1945 and two of the competing banks have considered merging. Because the merger would raise the HHI by 155 points, the Federal Trade Commission would likely
A) challenge the merger. B) not challenge the merger. C) allow the merger as long as the HHI did not increase by more than 155 points as promised. D) allow the merger under the condition that the HHI remain at the premerger level of 1875.
"Underground" economic activity can best be described as
a. the construction of subway transportation. b. the building of foundation structures for skyscrapers. c. the mining and oil industries. d. barter or cash activity that is not reported as income.
Which statement is true?
A. An effective price ceiling is above equilibrium price and causes surpluses. B. An effective price ceiling is above equilibrium price and causes shortages. C. An effective price ceiling is below equilibrium price and causes surpluses. D. An effective price ceiling is below equilibrium price and causes shortages.
Refer to the above table. What is the absolute price elasticity of demand if a price falls from $7.50 to $7?
A. 0.724 B. 1.38 C. 10 D. 0.1