Ceteris paribus, which of the following is most likely to cause an increase in the quantity supplied of perfume?
A. An increase in the salaries paid to perfume makers.
B. An increase in the price of perfume.
C. An improvement in perfume-making technology.
D. An increase in the number of sellers of perfume.
Answer: B
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When a nation removes restrictions on imported products that nation will
A. experience lower prices and consume higher quantities. B. experience higher prices and consume lower quantities. C. experience higher prices and consume higher quantities. D. experience lower prices and consume lower quantities.
Suppose a country's net exports equal 0. If the volume of imports increases without any change in the volume of exports, the country will experience a ________
A) trade deficit B) budget deficit C) trade surplus D) budget surplus
The above figure shows the demand and supply curves in the market for milk. If the government imposes a quota at 500 gallons, calculate the deadweight loss
What will be an ideal response?
An increase in the equilibrium price and the equilibrium quantity would be caused by an increase in demand
a. True b. False Indicate whether the statement is true or false