Using a graph, illustrate the effect that an increase in production costs will have on the equilibrium price and quantity of a good
What will be an ideal response?
The graph shows a decrease in supply. The supply curve shifts to the left, causing equilibrium price to rise, and equilibrium quantity to fall.
Economics
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As output expands, the slope of the average total cost curve
a. stays negative throughout b. stays positive throughout c. is first negative and then positive d. is first positive and then negative e. is constant
Economics
The infant industry argument for protectionism is to block imports ______________ to give the infant industry time to mature before it starts competing on equal terms in the global economy.
a. for a limited time b. for a long time c. permanently d. never
Economics