Suppose a commodity market is initially in equilibrium. An increase in the nation's skilled labor force then lowers the marginal cost of producing each unit of output. Which of the following changes will be observed?
a. The demand curve will shift upward
b. The supply curve will shift downward
c. The demand curve will shift downward
d. The supply curve will shift upward
B
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If the government removes a binding price ceiling from a market, then the price received by sellers will
a. decrease, and the quantity sold in the market will decrease. b. decrease, and the quantity sold in the market will increase. c. increase, and the quantity sold in the market will decrease. d. increase, and the quantity sold in the market will increase.
Why has conch harvesting been banned in the United States.?
a. The conch population dropped due to overharvesting. b. The conch is an endangered species in most countries. c. Conch were being illegally caught by professional fishing companies. d. Conch are considered a public good that should be protected.