Which of the following would cause a decrease in the supply of milk?
A) an increase the price of a product that producers sell instead of milk
B) an increase in the price of cookies (assuming that milk and cookies are complements)
C) an increase in the number of firms that produce milk
D) a decrease in the price of milk
A
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Advances in productivity increase supply because they might
A) increase the price expected in the future. B) decrease the cost of production. C) increase the number of firms producing the good. D) raise the prices of resources used to produce the good. E) decrease the number of goods available.
Which of the following would NOT be investment?
A. a baking company buying a new oven B. a car dealership adding to the number of cars it has to sell to its customers C. a just-completed home is sold to a household D. a household buing stock in a company