The services of real estate brokers are provided in a competitive market. If the state Board of Realtors enacts several requirements that limit the number of real estate brokers, which of the following is most likely to occur?
A) The supply curve of real estate brokers will shift to the left.
B) The supply curve of real estate brokers will shift to the right.
C) Social welfare will remain unchanged.
D) The supply curve will remain unchanged.
A
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In the Keynesian cross diagram, a decline in autonomous consumer expenditure causes the aggregate demand function to shift ________, the equilibrium level of aggregate output to fall, and the IS curve to shift to the ________,
everything else held constant. A) up; left B) up; right C) down; left D) down; right
Suppose an exhaustible resource can be sold only this period or in the next period. The marginal cost of extraction is constant and equal to $10. The next year price of the resource is $115, respectively. The interest rate is 5%. What is the minimum current price required to make the sale of the resource profitable in the current period?
A) $95 B) $100 C) $110 D) $125