Which of the following would cause a decrease in the supply of peanut butter?
A) a decrease in the price of peanut butter
B) an increase in the technology used to produce peanut butter
C) a decrease in the price of jelly (assuming that peanut butter and jelly are complements)
D) an increase the price of peanuts
D
Economics
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Hooterville's Chamber of Commerce has been successful in its campaign to attract manufacturing firms ("Locate here, we give a hoot!") and the community has experienced an increased average wage rate. Why?
a. The new firms like residents of Hooterville. b. Labor costs more in other communities. c. Hooterville has a nice train station. d. The supply of labor has changed. e. The demand for labor has changed.
Economics
Firms in an oligopoly are said to be interdependent. What does this mean?
What will be an ideal response?
Economics