The expression “increase in quantity supplied” is illustrated graphically as a()
A. leftward shift in the supply curve
B. rightward shift in the supply curve
C. movement up along the supply curve
D. movement down along the supply curve
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Joe’s income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his budget constraint()
A. 500 = 2F + 100S
B. F = 250 – 50S
C. S = 5 – 0.02F
D. All of the above
According to the Law of Demand, the demand curve for a good will()
A. shift leftward when the price of the good increases
B. shift rightward when the price of the good increases
C. slope downward
D. slope upward
If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely()
A. shift leftward
B. shift rightward
C. remain unchanged
D. become steeper
Sandy derives utility from consuming “all other goods,” g, and clean air (measured by particulate matter removed per m3), a, as measured by the utility function U(g,a) = g0.6a0.4. The price of “all ot
A. Total market demand is 14 units of clean air
B. Total market demand is 12 units of clean air
C. Total market demand is 10 units of clean air
D. Total market demand is 16 units of clean air