"Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween season. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million"
Based on this statement, it is certain that the A) demand curve for Halloween costumes shifted leftward.
B) price elasticity of demand for pumpkins decreased from its value in previous years.
C) demand curve for pumpkins shifted leftward.
D) total revenue from the sale of pumpkins decreased.
D
Economics
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Given the information in Scenario 4.3, erasers and good b, are:
A) substitutes. B) complements. C) completely unrelated. D) normal. E) inferior.
Economics
Refer to the diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. Flow (2) might represent:
A. the provision of national defense by government.
B. a government subsidy to farmers.
C. corporate income tax payments.
D. welfare payments to low-income families.
Economics