If producers must receive a higher price to be induced to produce any quantity, we can conclude that
A) supply decreased.
B) demand decreased.
C) both supply and demand increased.
D) demand increased.
Answer: A
Economics
You might also like to view...
The total of all planned production for the entire economy is known as
A) aggregate inflation. B) aggregate supply. C) aggregate expenditures. D) aggregate demand.
Economics
June makes holiday wreaths and sells them during the holiday season. The figure above shows her supply curve of wreaths per week. Use the midpoint method in this problem
a. Calculate the percentage change in quantity between points A and B. b. Calculate the percentage change in price between points A and B. c. Calculate the price elasticity of supply between points A and B.
Economics