A leftward shift of the supply curve will lead to a(n)
A) increase in equilibrium price.
B) excess demand at the old equilibrium price.
C) decrease in quantity demanded.
D) All of the above.
D
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Antitrust laws give the Justice Department the authority to challenge potential mergers between companies in an effort to safeguard society from monopoly power
a. True b. False Indicate whether the statement is true or false
If individual X has comparative advantage in painting and individual Y has comparative advantage in carpentry, then
A) individual X must use fewer hours to paint a fence than individual Y. B) individual Y will specialize in painting. C) there is a lower opportunity cost (expressed in units of carpentry) for individual X to paint than for individual Y to paint. D) specialization will not occur, since each does not have a clear absolute advantage.