Discuss the correct and incorrect economic analysis in the following statements
"If a disease kills a large number of turkeys, the supply of turkeys will decrease. This will result in a price increase, which will then cause the supply of turkeys to increase."
What will be an ideal response?
The supply of turkeys will decrease resulting in a higher equilibrium price and a lower equilibrium quantity but the higher price will not shift the supply curve for turkeys.
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Products traded between two nations that are very similar and very close substitutes, but that may be of different quality or prices, are called:
a. differentiated complements. b. differentiated substitutes. c. differentiated products. d. perfect substitute products.
Another name for plurality voting is:
A. pair-wise majority voting. B. instant runoff voting. C. approval voting. D. first-past-the-post voting.