A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock.
B. long-run demand shock.
C. long-run supply shock.
D. short-run demand shock.
Answer: A
Economics
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The incidence of a tax explains what group pays the burden of a tax
a. True b. False Indicate whether the statement is true or false
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We generally expect the price elasticity of supply to be
A. positive or negative, depending on demand. B. negative. C. positive. D. zero.
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