Cause shift in the supply of? gasoline

Assignment Help Business Economics
Reference no: EM131244549

If the market for a product is broadly? defined, then

A. the good has many complements.

B. there are many substitutes for the product and the demand for the product is relatively elastic.

C. there are few substitutes for the product and the demand for the product is relatively inelastic.

D. the expenditure on the good is likely to make up a large share of? one's budget.

Which of the following will NOT cause a shift in the supply of? gasoline?

A. An increase in the wage rate of refinery workers.

B. An improvement in oil refining technology.

C. A decrease in the price of crude oil.

D. A decrease in the price of gasoline.

Reference no: EM131244549

Questions Cloud

Construct a single income-leisure choice graph : Steve Slacker is age 25, has an MBA degree, but is not working. Instead he is living at a major ski area, using the $2,000 per week he gets from his wealthy family. Construct a single income-leisure choice graph to show Steve’s situation before and a..
Suppose the value of the price elasticity of supply : Suppose the value of the price elasticity of supply is 4. What does this? mean? Deadweight loss is.
Midpoint? formula-calculate the price elasticity of demand : Using the midpoint? formula, calculate the price elasticity of demand if a price rise from? $8 to? $10 and decreases the quantity demanded from 20 units to 15 units. The price elasticity of demand? (in absolute? value) equals. If an increase in the p..
Potential source of advantage over competitors : Come up with five examples of firms that have used imitation as a way of reducing the risk of entry. What aspects of risk was it meant to reduce? Was it successful? What aspects of the firm were not generated by imitation, made the firm unique, and w..
Cause shift in the supply of? gasoline : If the market for a product is broadly? defined, then. Which of the following will NOT cause a shift in the supply of? gasoline?
Blu-ray players are complements in consumption : LCD TVs and ?Blu-ray players are complements in consumption. Suppose the price of LCD TVs falls. How will this affect the market for? Blu-ray players?
Additional assumption of the heckscher-ohlin model : The Heckscher-Ohlin model assumes that there are two countries, each of which produces two goods (say manufactures and agriculture) using labor and capital. Which of the following is an additional assumption of the Heckscher-Ohlin model?
Hourly worker who currently earns : Consider Mary, an hourly worker who currently earns $30,000 per year. If Mary's wage rate is increased by 50%:
The absolute slope of a budget line is equal : With the quantity of good x measured on the horizontal axis and the quantity of good y measured on the vertical axis, the absolute slope of a budget line is equal to: If the composite good convention is adopted so that expenditure on all other goods ..

Reviews

Write a Review

Business Economics Questions & Answers

  Trade-offs of monetary policy describe economic trade-off

Impact of Monetary Policy How does the Fed’s monetary policy affect economic conditions? Trade-offs of Monetary Policy Describe the economic trade-off faced by the Fed in achieving its economic goals.

  Elucidate how your consumption changes

Use a budget constraint and indifference curve to show and elucidate how your consumption changes.

  Advantages and disadvantages of regression models

What are the advantages and disadvantages of regression models in comparison to using a computerized regression routine.

  Labor are required to produce

There are 20,000 hours of labor for country A. 5 hours of labor are required to produce 1 unit of S, while 4 hours are required to produce 1 unit of T. If a world relative price is given as 2, and A's imports = 2,000, what are A's exports?

  What is the present value of perpetual stream of cash flows

What is the present value of $3000 per year for 8 years discounted back to the present at 10 percent. What is the present value of perpetual stream of cash flows that pays $50,000 at the end of year one and then grows at a rate of 4% per year indefin..

  Find the benefit maximizing level of output

A firm faces the following inverse demand equation for the commodity it produces: P = 100 – Q where P represents the price/unit of the commodity it produces and Q represents the level of output produced. Find the benefit (profit) maximizing level of ..

  Lawyer working for large law firm and earning

Pat, a lawyer working for a large law firm and earning $62,000 per year, is contemplating setting up her own law practice. She estimates that renting an office would cost $11,000 per year; hiring a legal secretary would cost $22,000 per year; How muc..

  Calculate the explicit-implicit and total economic cost

The student could also have earned $15,000 by getting a job instead of attending college and 10 percent interest on expenses he or she incurs at the beginning of the year. Calculate the explicit, implicit, and the total economic costs of attending..

  Why monetary policy conducted independently in the us

Why monetary policy conducted independently in the United States and is the intended effect always achieved or why not.

  Skin deep site to search for some personal care products

Use the Skin Deep site to search for some personal care products that you use. Elucidate how do they rate.

  Qthe subject is comparative advantage will need four

q.the subject is comparative advantage. will need four theoretical articles on this subject that can be posted for

  What is the optimal consumption bundle for this consumer

Consider a consumer who consumes two goods, x and y. He has Cobb-Douglasutility function given by U(x, y) = xy. Let the income of the consumer be 100.dollars. Price of x is $5 per unit and price of y is $10 per unit.MRS = y. What is the optimal consu..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd