Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?
A) a decrease in demand and a decrease in supply
B) an increase in supply
C) a decrease in demand and an increase in supply
D) an increase in supply and an increase in demand greater than the increase in supply
B
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Which of the following is true of markets? a. Markets help to acquire a specialized set of skills and use the pay to buy goods and services
b. Markets allow consumers to consume only those goods they can produce. c. Markets are based on reciprocity and require a mutual coincidence of wants between traders. d. A market is a cashless economic system in which services and goods are traded at negotiated rates.
At a given level of wheat output, one more unit of labor would produce 10 extra bushels, and one more unit of seed would produce 30 extra bushels. A unit of labor costs $6, and a unit of seed costs $12. The farmer should
A. produce less wheat. B. buy only seed. C. buy more seed and less labor. D. buy less seed and more labor.