When the price of rice rises,
A) the market quantity supplied of rice increases.
B) the market supply of rice increases.
C) the market quantity of rice demanded decreases.
D) Both A and C are true.
E) Both A and B are true.
D
Economics
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Explain how comparing two-earner and one-earner households can be used to illustrate the problem of using money income as a measure of well-being
What will be an ideal response?
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Suppose the economy's production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N each increase by 5 percent, and A is unchanged, by how much does Y increase?
A) 5% B) 10% C) 15% D) 20%
Economics