This topic contains a solution. Click here to go to the answer

Author Question: Assume that in recent years the cost of producing microbrew beer in the U.S. has decreased largely ... (Read 87 times)

jazziefee

  • Hero Member
  • *****
  • Posts: 505
Assume that in recent years the cost of producing microbrew beer in the U.S. has decreased largely due to technological improvements. At the same time, more and more Americans prefer microbrew beer over wine.
 
  Which of the following best explains the effect of these events in the microbrew beer market?
  A) Both the supply and demand curves have shifted to the right. As a result, there has been an increase in both the equilibrium price and the equilibrium quantity.
  B) Both the supply and demand curves have shifted to the right. As a result, there has been an increase in the equilibrium quantity and an uncertain effect on the equilibrium price.
  C) The supply curve has shifted to the left and the demand curve has shifted to the right. As a result, there has been an increase in the equilibrium price and an uncertain effect on the equilibrium quantity.
  D) The supply curve has shifted to the right and the demand curve has shifted to the left. As a result there has been a decrease in the equilibrium quantity and an uncertain effect on the equilibrium price.

Question 2

What is accounting profit?
 
  A) gross revenue minus explicit and implicit costs B) the same as economic profit
  C) gross revenue minus implicit costs D) gross revenue minus explicit costs



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

macybarnes

  • Sr. Member
  • ****
  • Posts: 312
Answer to Question 1

B

Answer to Question 2

D




jazziefee

  • Member
  • Posts: 505
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it


bassamabas

  • Member
  • Posts: 294
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

Anti-aging claims should not ever be believed. There is no supplement, medication, or any other substance that has been proven to slow or stop the aging process.

Did you know?

There are more bacteria in your mouth than there are people in the world.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

For a complete list of videos, visit our video library