Refer to the graph below. Suppose consumers do not fully appreciate the benefits of the product whose market shown in the graph. If an external agency is able to provide full information about the benefits of the product, then:
A. The supply curve will shift to the left
B. The demand curve will shift to the right
C. Both the new equilibrium price and quantity will be lower
D. The new equilibrium price will be higher but the equilibrium quantity will be either higher or lower
B. The demand curve will shift to the right
Economics
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If indifference curves cross, then:
A) the assumption of a diminishing marginal rate of substitution is violated. B) the assumption of transitivity is violated. C) the assumption of completeness is violated. D) consumers minimize their satisfaction. E) all of the above
Economics
Based on the annual number of hours worked per capita, labor supply in the United States exceeds that of France by about _______ percent
A. 20 B. 34 C. 51 D. 58
Economics