The decline in the popularity of clothing made from animal fur has enticed large department stores like J. C. Penney and Sears to discontinue sales of animal-fur products. How does discontinuing sales of these products by J.C. Penney and Sears affect the
animal-fur clothing market?
A) The demand curve for animal-fur clothing shifts to the right.
B) The demand curve for animal-fur clothing shifts to the left.
C) The supply curve for animal-fur clothing shifts to the right.
D) The supply curve for animal-fur clothing shifts to the left.
Answer: D
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Which of the following is likely to happen if investors in an economy become optimistic following the discovery of huge mineral reserves?
A) Unemployment will increase. B) Consumption will increase. C) Real wages will fall. D) Prices will fall.
Which of the following statements is false?
A) Anytime you have to decide which action to take you are facing an economic trade-off. B) Every individual, no matter how rich or poor, is faced with making trade-offs. C) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. D) Economics is a social science that studies the trade-offs we are forced to make because of scarcity.