Which of the following will result in an increased price of milk?
A) A shift to the right of the supply curve for milk.
B) A shift to the right of the demand curve for milk.
C) An increase in the number of milk suppliers.
D) A decrease in the number of milk buyers.
Ans: D) A decrease in the number of milk buyers.
You might also like to view...
If a huge percentage change in price leads to a small percentage change in quantity demanded, then demand is said to be elastic
a. True b. False Indicate whether the statement is true or false
"The market is not a self-regulating mechanism because prices are not flexible and nothing ensures that planned leakages will be offset by planned injections. To bring the economy out of depression and end high unemployment, some way of stimulating aggregate demand is required. This can be best achieved by a combination of government deficit spending and regulation of tax rates.". Which school of
thought does this statement best represent? a. Utopian economics b. Monetarist economics c. Classical economics d. Keynesian economics e. Marxist economics