In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. In the market for citrus fruit in 2004
A) the supply curve shifted to the left resulting in an increase in the equilibrium price.
B) the demand curve shifted to the right resulting in an increase in the equilibrium price.
C) the demand curve shifted to the left resulting in a decrease in the equilibrium price.
D) the supply curve shifted to the right resulting in an increase in the equilibrium price.
A
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If inflation is positive and is perfectly anticipated
A) those that lend money lose. B) no one in the economy loses. C) those that borrow money lose. D) those that hold paper money lose.
The total cost of producing a given level of output is
A) maximized when a corner solution exists. B) minimized when the ratio of marginal product to input price is equal for all inputs. C) minimized when the marginal products of all inputs are equal. D) minimized when marginal product multiplied by input price is equal for all inputs.