Consider the market for broccoli. If the price of a pound of broccoli increases, what happens to the supply of broccoli?
A) The supply of broccoli decreases.
B) The supply of broccoli increases.
C) There will be no change in the supply of broccoli, but instead there is an increase in the quantity supplied of broccoli.
D) There will be no change in the supply of broccoli, but instead there is a decrease in the quantity supplied of broccoli.
C
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Suppose the central bank announces that it will permanently increase the inflation rate and there is central bank credibility
With adaptive expectations, expectations of inflation will adjust ________, and with rational expectations, expectations of inflation adjust ________. A) slowly; slowly B) slowly; immediately C) immediately; immediately D) immediately; slowly
Refer to Scenario 16.3. What is Sam's marginal rate of substitution of tee shirts for candy at the current distribution?
A) 2. B) 7/5. C) 5/7. D) It is impossible to determine without the prices of each commodity.