If in the market for apples the supply has decreased, then
A) the supply curve for apples has shifted to the right.
B) there has been a movement upwards along the supply curve for apples.
C) there has been a movement downwards along the supply curve for apples.
D) the supply curve for apples has shifted to the left.
D
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The decision about what goods and services will be produced in a centrally planned economy is made by
A) producers deciding what society wants most. B) lawmakers in the government deciding on what will be produced. C) consumers dictating to firms what they need most. D) workers deciding to produce only what the boss says must be produced. E) consumers and firms choosing which goods and services to buy or produce.
Which of the following is an example of an implicit cost a firm might incur?
A) the wages paid to employees B) the payment for medical insurance coverage C) the opportunity cost to investors of the funds invested in the firm D) utility payments