If good weather conditions result in a larger than normal crop of peaches, then the
A) equilibrium price of peaches rises, and the equilibrium quantity of peaches increases.
B) equilibrium price of peaches falls, and the equilibrium quantity of peaches increases.
C) demand curve for peaches shifts leftward.
D) increase in the supply of peaches induces a greater demand for peaches, so that the equilibrium price rises and the equilibrium quantity increases.
E) equilibrium price of peaches falls, and the equilibrium quantity of peaches decreases.
B
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In the kinked demand curve model, the demand curve is ________ for price increases and ________ for price decreases
A) unit elastic; relatively elastic B) relatively inelastic; relatively elastic C) relatively elastic; relatively inelastic D) perfectly elastic; perfectly inelastic
John D. Rockefeller is most recognized for:
a. developing the oil industry. b. being an early promoter of the computer industry. c. lobbying the government for the abolition of slavery. d. inventing new technology to further the steel production process. e. being an initial supporter of minimum wage laws.