Other things equal, if the price of a key resource used to produce product X falls, the:
A. product supply curve of X will shift to the left.
B. product demand curve of X will shift to the left.
C. product demand curve of X will shift to the right.
D. product supply curve of X will shift to the right.
Answer: D
You might also like to view...
People in a certain group have a 0.3% chance of dying this year
If a person in this group buys a life insurance policy for $3,300 that pays $1,000,000 to her family if she dies this year and $0 otherwise, what is the expected value of a policy to the insurance company? A) $0 B) $300 C) $3,000 D) $3,300
Adam Smith wrote that the:
a. government should control the economy. b. public or collective interest is not promoted by people pursuing their self interest. c. pursuit of private self interest promotes the public interest in a market economy. d. economic problems of eighteenth-century England were caused by free markets.