Use supply and demand analysis to explain what is most likely to happen to price and quantity in a competitive market for a crop such as lettuce, tomatoes, or oranges, when extreme weather destroys a large portion of the crop
Please provide the best answer for the statement.
In such a crop market, the demand curve does not change, but the supply curve decreases because the severe weather destroys the crop. The leftward shift in the supply curve increases the crop price and decreases the crop quantity.
Economics
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At a taxable income of $40,000 Mari's income tax is $7,400. When her taxable income rises to $45,000 her income tax is $8,400. Based on this information, what is Mari's marginal tax rate?
A) 18.7 percent B) 39 percent C) 10 percent D) 30 percent E) 20 percent
Economics
Which economist developed the concept of the invisible hand?
a. John Maynard Keynes b. Adam Smith c. Karl Marx d. Milton Friedman
Economics