Studies show that, in the United States,
A) price elasticity of demand for agricultural products has hovered around 3.2 for many years.
B) as real income has been increasing, the per-capita demand for food has been decreasing.
C) as real income has been increasing, the per-capita demand for food has been increasing by much more.
D) none of the above
D
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Other things the same, if the money supply rises by 5% and people were expecting it to rise by 2%, then some firms have
a) lower than desired prices, which increases their sales. b) higher than desired prices, which increases their sales. c) higher than desired prices, which depresses their sales. d) lower than desired prices, which depresses their sales.
The above figure shows four different markets with changes in either the supply curve or the demand curve
Assuming coffee and tea are substitutes, which graph best illustrates the market for tea after severe weather destroys a large portion of the coffee crop? A) Graph A B) Graph B C) Graph C D) Graph D