Author Question: Assuming that wheat and corn can both be grown on the same type of land, a decrease in the price of ... (Read 42 times)

justinmsk · **on:** Jun 30, 2018

Assuming that wheat and corn can both be grown on the same type of land, a decrease in the price of corn, other things being equal, will cause a(n):
a. downward movement along the supply curve for wheat.
b. upward movement along the supply curve for wheat.
c. rightward shift in the supply curve for wheat.
d. leftward shift in the supply curve for wheat.

Question 2

Assume Congress passes a new tax of 2.00 per pack on cigarettes. The effect on the supply curve is a(n):
a. decrease in supply. b. increase in supply.
c. decrease in quantity supplied. d. increase in quantity supplied.