The initial supply and demand curves for a good are illustrated in the above figure. If there are technological advances in the production of the good, then the new equilibrium price for the good
A) is less than $6.
B) is $6.
C) is more than $6.
D) could be less than, equal to, or more than $6.
A
Economics
You might also like to view...
Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. If 10,000 units of iced tea are sold
A) the marginal benefit of each of the 10,000 units of iced tea equals $3. B) marginal benefit is less than marginal cost. C) the deadweight loss is equal to economic surplus. D) producer surplus equals consumer surplus.
Economics
Which of the following organizations works with developing countries to secure low-interest loans that foster economic growth?
A. Group of Five B. World Bank C. Group of Seven D. World Trade Organization
Economics