When the fishing economy mobilized for war preparedness by drafting young men and women, many draftees came from fishing jobs. Picture the market for fish, before and after the mobilization. What happens to the price and quantity of fish on the market after the draft went into effect?
a. Both fish prices and quantity increased.
b. Fish prices increased and quantity remained unchanged.
c. The draft had no effect on the fish market.
d. Fish prices decreased and quantity increased.
e. Fish prices increased and the quantity decreased.
E
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Which of the following is an example of positive technological change?
A) A firm conducts a new advertising campaign. As a result, the demand for the firm's surf boards increases. B) A firm buys an additional machine that it uses to make surf boards. As a result, the firm is able to increase its weekly production of surf boards. C) A firm offers workers a higher wage to work on weekends and at night. As a result, the firm is able to increase its weekly production of surf boards. D) A firm's workers participate in a training program designed to increase the number of surf boards they can produce per day.
When a credit card company offers different services with its card, like travel insurance for air travel tickets purchased with the credit card or product insurance for items purchased with the card, the credit card company is trying to
A) shift the demand curve for competing firms to the right. B) create a perfectly competitive market in which to sell its credit card. C) create a barrier to entry for competing firms. D) convince customers that its card has greater value than those offered by rival firms.