Adam Smith believed that the pursuit of the public interest is also the best way to promote the private self interest

Which of the following would reduce the supply of baseball hats?

a. An increase in the demand for baseball hats. b. A new tax imposed on the producers of baseball hats. c. A reduction in the price of cloth used to make baseball hats. d. All of the above.

There is a 50 percent decrease in the price of lumber used by a firm that builds new homes. This causes

A) a decrease in the quantity of new homes supplied. B) an increase in the supply of new homes. C) an increase of the quantity supplied of new homes. D) a decrease in the supply of new homes.