In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. In the market for citrus fruit in 2004
A) the supply curve shifted to the left resulting in an increase in the equilibrium price.
B) the demand curve shifted to the right resulting in an increase in the equilibrium price.
C) the demand curve shifted to the left resulting in a decrease in the equilibrium price.
D) the supply curve shifted to the right resulting in an increase in the equilibrium price.
A
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Statistical data suggests that the rate of inflation in the U.S. typically decreased: a. after World War I and World War II
b. during periods of depression or recession. c. before the World War I and World War II. d. during periods of economic growth.
Which of the following is an example of signaling?
a. Graduates of highly-respected universities highlight that fact on their resumes. b. Magazine advertisements include the phrase "as seen on TV." c. Advertisements for universities include the phrase "fully accredited." d. All of the above are correct.
If Tiger Toys faces a demand curve of P = 85 ? 0.25Q and a MC = ATC = 20, then the output would be
A. 65.0 units. B. 32.5 units. C. 85.0 units. D. 130.0 units.
In economics, the term ________ means "additional" or "extra."
A) allocative B) marginal C) equity D) optimal