Multiple Choice
There is a 50 percent decrease in the price of lumber used by a firm that builds new homes. This causes
A) a decrease in the quantity of new homes supplied.
B) an increase in the supply of new homes.
C) an increase of the quantity supplied of new homes.
D) a decrease in the supply of new homes.
Correct Answer:
Verified
Correct Answer:
Verified
Q53: Which of the following is NOT a
Q54: In the above figure, a surplus exists
Q55: A demand curve is a<br>A) graphical representation
Q56: The concept of "demand" in economics refers
Q57: The statement "other things being equal" in
Q59: A schedule of amounts of a good
Q60: Markets are<br>A) a mechanism through which prices
Q61: A surplus exists<br>A) in equilibrium.<br>B) when quantity
Q62: How is the market supply curve found?
Q63: Another name for a shortage is<br>A) excess