Dean bakes his famous apple pies and sells them at the local farmer's market. If the price of apples increases, the
a. supply curve for Dean's pies will increase.
b. supply curve for Dean's pies will decrease.
c. demand curve for Dean's pies will increase.
d. demand curve for Dean's pies will decrease.
b
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In a competitive market with no externalities,
A) the consumer surplus is equal to zero because of competition. B) buyers cannot control the price, so the consumer surplus is zero. C) at the equilibrium price, marginal benefit exceeds marginal cost. D) at the equilibrium price, marginal benefit equals marginal cost. E) at the equilibrium price, the total amount of consumer surplus equals the total amount of producer surplus.
Which of the following statements is correct, when the exchange rate changes from €2/$ to €1.5/$?
a. Both the euro and the dollar appreciate. b. Both the euro and the dollar depreciate. c. None of the above. d. The euro (€) depreciates. e. The euro appreciates and the dollar depreciates.