When the colonies obtained independence they were no longer bound by a number of English laws, including the Navigation Acts which restricted and regulated trade. What best describes the impact of the removal of the Navigation Acts for commodities that were imported from England?
a. A shift out of the supply curve and a shift back in the demand curve, which lowered prices
b. A shift out in the supply curve, which decreased the price and increased the quantity.
c. A shift back in both the supply and demand curves, which decreased quantity.
d. A shift back in the demand curve, which lowered both price and quantity.
b. A shift out in the supply curve, which decreased the price and increased the
quantity.
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Jim's Burgers produces 600 burgers per week. Each burger sells for $3 . Goody Candy orders 500 burgers for its upcoming office party from Jim's Burgers. Jim decided to accept the order for $1250 lump sum. What would be the marginal revenue per burger for this order?
a. $3 b. $2.50 c. $0.50 d. It cannot be determined with the information given