Which of the following would shift the entire supply curve for electricity to the left?
a. a decrease in the price per unit of electricity
b. a decrease in the price of coal used to generate electricity
c. new EPA regulations that force the closing of the worst polluting coal-burning power plants
d. a decrease in the price of alternative forms of energy
e. a technological improvement that reduces the cost of producing electricity
C
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The payoff matrix refers to
a. the difference between total revenue and total cost at different price levels b. a listing of the rewards and penalties associated with pursuing various strategies c. the difference between average and marginal cost for the non-competitive firm d. the difference between average and marginal revenue in a non-competitive industry e. the difference between average variable and average total cost to the firm
Bank lending and deposits tend to change as interest rates change. Can the Fed counteract this tendency?
A. Yes, through its ability to affect the money supply. B. Yes, through its ability to change tax levels. C. No, the Fed is forbidden by the Constitution from intervening in the economy. D. No, the Fed almost always follows a passive monetary policy.