A decrease in the demand for eggs due to changes in consumer tastes, accompanied by a decrease in the supply of eggs as a result of an outbreak of Avian flu, will result in
A) a decrease in the equilibrium price of eggs and no change in the equilibrium quantity.
B) a decrease in the equilibrium price of eggs; the equilibrium quantity may increase or decrease.
C) a decrease in the equilibrium quantity of eggs; the equilibrium price may increase or decrease.
D) a decrease in the equilibrium quantity of eggs and no change in the equilibrium price.
Question 2
Which of the following would explain why accounting profit might be greater than economic profit?
A) A firm has only explicit costs.
B) A firm's net income is greater than its accounting profit.
C) A firm's net income is less than its accounting profit.
D) A firm has implicit costs as well as explicit costs.
Female tick with eggs
Components of a long bone. The entire long bone is on the left side accompanied by a blowup of the p
The population of Asia increases rapidly, the demand for food and water is also growing
Strings of frog eggs
The original Supply and Demand graph
Suppose a country imports televisions. The country's supply and demand curves are shown in ...