The graph illustrates the supply of sweaters. Which of the following events will increase the supply of sweaters?
A) a rise in the price of a sweater
B) a rise in the wage rate paid to the workers who make sweaters
C) a rise in the expected future price of a sweater
D) an increase in the number of sellers of sweaters
E) an increase in income if sweaters are a normal good
D
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A recession begins in July but government policy makers do not reach a consensus that a recession had in fact begun until October. This is an example of a(n)
A) quick time lag. B) recognition time lag. C) effect time lag. D) action time lag.
In the 1973 movie Save the Tiger, Jack Lemmon plays Harry Stoner, the CEO of a clothing manufacturer whose business has fallen on hard times
In one of the key scenes of the movie, Stoner tries to convince his partner that they should hire someone to burn one of their buildings in order to collect on their insurance policy. Harry Stoner's actions are an example of A) asymmetric information. B) adverse selection. C) moral hazard. D) self-interest.