Name: __________________________ Date: _____________ 1. If prices are not allowed to rise because of a price ceiling, then A) prices do not provide the correct information about consumers' valuation of the good. B) suppliers have an incentive to provide a high level of customer service. C) a shortage will develop, but only temporarily until markets adjust to the lower prices. D) suppliers will compensate for the lower price by increasing the quality of their goods. 2. A higher income tends to make demand for a given good ______ elastic. A) equally B) more C) indeterminately D) less 3. When deciding how much to study for an economics class, students should study until: A) the marginal costs exceed marginal benefits. B) the total benefits exceed the total costs. C) the total costs equal the total benefits. D) the marginal benefits exceed marginal costs. 4. Consider the market for gasoline, a good with a relatively low elasticity of demand. Who will bear the majority of a tax imposed on gasoline? A) no one; the tax burden will be borne equally by both buyers and sellers B) buyers, as long as demand is less elastic than supply C) it depends on the tax rate at the time the gasoline is sold D) sellers, as long as supply is more elastic than demand 5. If demand decreases, ceteris paribus, market price will be ______ at the new equilibrium point. A) lower B) the same C) either higher or lower D) higher Version 1 Page 1
1. If prices are not allowed to rise because of a price ceiling, thenA) prices do not provide the correct information about consumers' valuation of the
good.B) suppliers have an incentive to provide a high level of customer service.C) a shortage will develop, but only temporarily until markets adjust to the lower
prices.D) suppliers will compensate for the lower price by increasing the quality of their
goods.
2. A higher income tends to make demand for a given good ______ elastic.A) equallyB) moreC) indeterminatelyD) less
3. When deciding how much to study for an economics class, students should study until:A) the marginal costs exceed marginal benefits.B) the total benefits exceed the total costs.C) the total costs equal the total benefits.D) the marginal benefits exceed marginal costs.
4. Consider the market for gasoline, a good with a relatively low elasticity of demand. Who will bear the majority of a tax imposed on gasoline?A) no one; the tax burden will be borne equally by both buyers and sellersB) buyers, as long as demand is less elastic than supplyC) it depends on the tax rate at the time the gasoline is soldD) sellers, as long as supply is more elastic than demand
5. If demand decreases, ceteris paribus, market price will be ______ at the new equilibrium point.A) lowerB) the sameC) either higher or lowerD) higher
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6. When firms go bankrupt, itA) reveals a faulty price system.B) usually results from other firms practicing predatory pricing.C) frees up resources to higher-valued uses.D) indicates that capitalism is inefficient.
7. With a tax on producers, demandA) decreases.B) shifts in an indeterminate direction.C) increases.D) remains in the same location.
8. If the market price is above the equilibrium price, which of the following will occur?A) Quantity demanded will exceed quantity supplied and the market price will
eventually rise.B) Quantity supplied will exceed quantity demanded and the market price will
eventually fall.C) Quantity supplied will exceed quantity demanded and the market price will
eventually rise.D) Quantity demanded will exceed quantity supplied and the market price will
eventually fall.
9. When a price ceiling is in effect, quantity ______ will be greater than quantity ______ creating a ______.A) demanded; supplied; surplusB) supplied; demanded; surplusC) demanded; supplied; shortageD) supplied; demanded; shortage
10. How can sellers increase profits when they face a price ceiling?A) reduce the quality of the product and provide less customer serviceB) produce and sell more outputC) charge a higher price for the goodD) charge a lower price for the good to undercut rival sellers
11. If gasoline prices remain high long enough, people will arrange to do more telecommuting. This would be an example of why the elasticity ofA) supply for gasoline is lower in the long run.B) demand for gasoline is higher in the long run.C) demand for gasoline is lower in the long run.D) supply for gasoline is higher in the long run.
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12. A country has a comparative advantage in a good if:A) it has the lowest opportunity cost of producing that good.B) no other country is willing to buy that good from it.C) it does not have an absolute advantage in that good.D) it can produce more of that good than any other country.
13. If the demand for a good is elastic, thenA) any change in price is matched by an equal and opposite percentage change in
quantity, so revenues stay the same.B) revenues decrease regardless of the direction of the price change.C) revenues decrease when the price goes up.D) revenues increase when the price goes up.
14. With a tax on producers, supplyA) remains in the same location.B) increases.C) shifts in an indeterminate direction.D) decreases.
15. The demand curve for oil shows:A) the quantity demanded of oil at different prices of oil.B) the demand for oil when there is a surplus or shortage.C) the quantity demanded of oil at different income levels.D) the demand for oil at different prices of other goods.
16. The steeper a linear demand curve is theA) more elastic the demand.B) more normal the good.C) less elastic the demand.D) higher the price of the good.
17. Which of the following explains why someone with an absolute advantage in painting houses may NOT spend their time painting houses?A) They may be relatively better at something else than painting houses.B) They may have a comparative advantage in painting houses, as well.C) Even though they have the absolute advantage in painting houses, they still may not
be very good at it.D) In an efficient market, someone with an absolute advantage in painting houses will
always spend their time painting houses.
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18. The higher the minimum wage is above the equilibrium wage, theA) smaller is the number of low-skilled unemployed workers.B) greater is the number of low-skilled unemployed workers.C) more likely it is for students to stay in high school and finish their diploma.D) smaller is the labor surplus among teenagers.
19. An increase in demand shifts the demand curve:A) downward.B) to the left.C) upward.D) to the right.
20. The price paid by buyers minus the price paid by sellers equalsA) the tax whether it is imposed on buyers or on sellers.B) the tax only if it is imposed on sellers.C) the subsidy whether it is given to buyers or to sellers.D) the tax only if it is imposed on buyers.
21. Suppose that a hurricane hits both North Carolina and South Carolina. North Carolina has severe price gouging laws in place while South Carolina has none. Both states have a shortage of ice. Which state will recover from its ice shortage more quickly?A) South CarolinaB) North CarolinaC) They will both recover at the same speed.D) Neither state will ever recover.
22. Who does protectionism hurt?A) domestic consumers onlyB) international producers and domestic consumersC) domestic producers onlyD) international producers only
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23. In many universities, graduate students are employed to teach introductory undergraduate courses, even though the full professors at these universities have more experience and could potentially teach these courses better. Which of the following best explains why universities choose to hire graduate students instead of full professors to teach their introductory courses?A) The opportunity cost of teaching an introductory course is higher for full professors
than for graduate students.B) Introductory classes are the best place for graduate students to build their teaching
skills.C) Graduate students are cheaper.D) The opportunity cost of teaching an introductory course is higher for graduate
students than for full professors.
24. People use futures contracts for all of the following, except toA) predict the future.B) speculate.C) reduce risk.D) profit from past prices.
25. When there is a surplus, sellers have an incentive to ______ their price and buyers have an incentive to offer a ______ price.A) decrease; lowerB) increase; higherC) decrease; higherD) increase; lower
26. Which of the following explains why the demand for oil has a negative slope?A) Oil has many uses.B) Oil is equally valuable in all of its uses.C) Oil has few substitutes.D) Oil is not equally valuable in all of its uses.
27. Labor unions are composed of high-skilled workers, but generally support minimum wage laws that typically affect only low-skilled workers. Their support makes more sense by considering that low-skilled labor is a ______ for high-skilled labor, and minimum wages ______ the quantity demanded of low-skilled labor.A) substitute; increaseB) substitute; decreaseC) complement; decreaseD) complement; increase
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28. Setting the maximum legal price above the market price will causeA) market inefficiencies.B) quantity supplied to exceed quantity demanded.C) a shortage to develop.D) the market to reach an equilibrium outcome.
Use the following to answer questions 29-31:
Use the following diagram for the question(s) below.Figure: Bananas
29. (Figure: Bananas) Refer to the figure. If there is a $3 tariff on bananas, approximately what percent of banana consumption comes from imports?A) 10 percentB) 90 percentC) 93 percentD) 8 percent
30. (Figure: Bananas) If there is a $3 tariff on bananas, what is the total tariff revenue?A) $180,000B) $360,000C) $135,000D) $270,000
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31. (Figure: Bananas) Refer to the figure. If there is a $3 tariff on bananas, domestic consumers buy ______ fewer bananas and domestic producers grow ______ additional bananas.A) 75,000; 20,000B) 50,000; 20,000C) 50,000; 10,000D) 75,000; 10,000
32. The government can choose between taxing buyers of grapes at $1.00 per pound or taxing the sellers of grapes at $1.00 per pound. Which of the following statements is TRUE?I. The choice most beneficial to buyers is placing the $1.00 tax on sellers.II. The choice most beneficial to sellers is placing the $1.00 tax on buyers.III. Either choice will have the same effect on both buyers and sellers.A) III onlyB) I onlyC) II onlyD) I and II only
33. The fundamental determinant of the elasticity of demand for a good isA) how easy it is to substitute the good for another.B) the opportunity cost of producing the good.C) the number of consumers in the market.D) the value that consumers place on one more unit of the good.
34. As world coal prices rise due to increasing scarcity, the demand for wind energy should:A) change in an indeterminate direction.B) increase.C) decrease.D) remain the same.
35. Consumer surplus is the amount that consumers:A) are willing to pay for a good plus the amount that they actually pay for it.B) actually pay for a good.C) are willing to pay for a good minus what they actually pay for it.D) are willing to pay for a good.
1. The higher the minimum wage is above the equilibrium wage, theA) greater is the number of low-skilled unemployed workers.B) smaller is the labor surplus among teenagers.C) smaller is the number of low-skilled unemployed workers.D) more likely it is for students to stay in high school and finish their diploma.
2. A country has a comparative advantage in a good if:A) it does not have an absolute advantage in that good.B) it has the lowest opportunity cost of producing that good.C) it can produce more of that good than any other country.D) no other country is willing to buy that good from it.
3. If prices are not allowed to rise because of a price ceiling, thenA) suppliers have an incentive to provide a high level of customer service.B) suppliers will compensate for the lower price by increasing the quality of their
goods.C) prices do not provide the correct information about consumers' valuation of the
good.D) a shortage will develop, but only temporarily until markets adjust to the lower
prices.
4. People use futures contracts for all of the following, except toA) speculate.B) reduce risk.C) profit from past prices.D) predict the future.
5. With a tax on producers, demandA) increases.B) decreases.C) remains in the same location.D) shifts in an indeterminate direction.
6. The fundamental determinant of the elasticity of demand for a good isA) the number of consumers in the market.B) how easy it is to substitute the good for another.C) the value that consumers place on one more unit of the good.D) the opportunity cost of producing the good.
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7. Consider the market for gasoline, a good with a relatively low elasticity of demand. Who will bear the majority of a tax imposed on gasoline?A) it depends on the tax rate at the time the gasoline is soldB) no one; the tax burden will be borne equally by both buyers and sellersC) sellers, as long as supply is more elastic than demandD) buyers, as long as demand is less elastic than supply
8. The steeper a linear demand curve is theA) less elastic the demand.B) more elastic the demand.C) higher the price of the good.D) more normal the good.
9. A higher income tends to make demand for a given good ______ elastic.A) moreB) indeterminatelyC) lessD) equally
10. If the demand for a good is elastic, thenA) revenues decrease regardless of the direction of the price change.B) revenues decrease when the price goes up.C) revenues increase when the price goes up.D) any change in price is matched by an equal and opposite percentage change in
quantity, so revenues stay the same.
11. With a tax on producers, supplyA) increases.B) decreases.C) remains in the same location.D) shifts in an indeterminate direction.
12. When deciding how much to study for an economics class, students should study until:A) the marginal benefits exceed marginal costs.B) the total costs equal the total benefits.C) the marginal costs exceed marginal benefits.D) the total benefits exceed the total costs.
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13. Labor unions are composed of high-skilled workers, but generally support minimum wage laws that typically affect only low-skilled workers. Their support makes more sense by considering that low-skilled labor is a ______ for high-skilled labor, and minimum wages ______ the quantity demanded of low-skilled labor.A) substitute; decreaseB) complement; increaseC) substitute; increaseD) complement; decrease
14. If the market price is above the equilibrium price, which of the following will occur?A) Quantity demanded will exceed quantity supplied and the market price will
eventually fall.B) Quantity supplied will exceed quantity demanded and the market price will
eventually rise.C) Quantity demanded will exceed quantity supplied and the market price will
eventually rise.D) Quantity supplied will exceed quantity demanded and the market price will
eventually fall.
15. Consumer surplus is the amount that consumers:A) are willing to pay for a good minus what they actually pay for it.B) are willing to pay for a good plus the amount that they actually pay for it.C) are willing to pay for a good.D) actually pay for a good.
16. The government can choose between taxing buyers of grapes at $1.00 per pound or taxing the sellers of grapes at $1.00 per pound. Which of the following statements is TRUE?I. The choice most beneficial to buyers is placing the $1.00 tax on sellers.II. The choice most beneficial to sellers is placing the $1.00 tax on buyers.III. Either choice will have the same effect on both buyers and sellers.A) I onlyB) II onlyC) I and II onlyD) III only
17. When firms go bankrupt, itA) frees up resources to higher-valued uses.B) reveals a faulty price system.C) indicates that capitalism is inefficient.D) usually results from other firms practicing predatory pricing.
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18. The demand curve for oil shows:A) the quantity demanded of oil at different income levels.B) the quantity demanded of oil at different prices of oil.C) the demand for oil at different prices of other goods.D) the demand for oil when there is a surplus or shortage.
19. Who does protectionism hurt?A) domestic producers onlyB) international producers onlyC) international producers and domestic consumersD) domestic consumers only
20. An increase in demand shifts the demand curve:A) to the left.B) upward.C) to the right.D) downward.
Use the following to answer questions 21-23:
Use the following diagram for the question(s) below.Figure: Bananas
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21. (Figure: Bananas) Refer to the figure. If there is a $3 tariff on bananas, approximately what percent of banana consumption comes from imports?A) 8 percentB) 93 percentC) 10 percentD) 90 percent
22. (Figure: Bananas) Refer to the figure. If there is a $3 tariff on bananas, domestic consumers buy ______ fewer bananas and domestic producers grow ______ additional bananas.A) 75,000; 10,000B) 75,000; 20,000C) 50,000; 20,000D) 50,000; 10,000
23. (Figure: Bananas) If there is a $3 tariff on bananas, what is the total tariff revenue?A) $135,000B) $180,000C) $270,000D) $360,000
24. If gasoline prices remain high long enough, people will arrange to do more telecommuting. This would be an example of why the elasticity ofA) demand for gasoline is higher in the long run.B) supply for gasoline is higher in the long run.C) supply for gasoline is lower in the long run.D) demand for gasoline is lower in the long run.
25. Suppose that a hurricane hits both North Carolina and South Carolina. North Carolina has severe price gouging laws in place while South Carolina has none. Both states have a shortage of ice. Which state will recover from its ice shortage more quickly?A) North CarolinaB) South CarolinaC) They will both recover at the same speed.D) Neither state will ever recover.
26. How can sellers increase profits when they face a price ceiling?A) charge a higher price for the goodB) reduce the quality of the product and provide less customer serviceC) charge a lower price for the good to undercut rival sellersD) produce and sell more output
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27. Which of the following explains why the demand for oil has a negative slope?A) Oil is not equally valuable in all of its uses.B) Oil has few substitutes.C) Oil has many uses.D) Oil is equally valuable in all of its uses.
28. In many universities, graduate students are employed to teach introductory undergraduate courses, even though the full professors at these universities have more experience and could potentially teach these courses better. Which of the following best explains why universities choose to hire graduate students instead of full professors to teach their introductory courses?A) Introductory classes are the best place for graduate students to build their teaching
skills.B) The opportunity cost of teaching an introductory course is higher for graduate
students than for full professors.C) The opportunity cost of teaching an introductory course is higher for full professors
than for graduate students.D) Graduate students are cheaper.
29. As world coal prices rise due to increasing scarcity, the demand for wind energy should:A) decrease.B) change in an indeterminate direction.C) remain the same.D) increase.
30. Which of the following explains why someone with an absolute advantage in painting houses may NOT spend their time painting houses?A) They may have a comparative advantage in painting houses, as well.B) In an efficient market, someone with an absolute advantage in painting houses will
always spend their time painting houses.C) They may be relatively better at something else than painting houses.D) Even though they have the absolute advantage in painting houses, they still may not
be very good at it.
31. If demand decreases, ceteris paribus, market price will be ______ at the new equilibrium point.A) either higher or lowerB) lowerC) higherD) the same
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32. When a price ceiling is in effect, quantity ______ will be greater than quantity ______ creating a ______.A) supplied; demanded; shortageB) demanded; supplied; shortageC) demanded; supplied; surplusD) supplied; demanded; surplus
33. When there is a surplus, sellers have an incentive to ______ their price and buyers have an incentive to offer a ______ price.A) increase; higherB) decrease; higherC) increase; lowerD) decrease; lower
34. Setting the maximum legal price above the market price will causeA) the market to reach an equilibrium outcome.B) market inefficiencies.C) quantity supplied to exceed quantity demanded.D) a shortage to develop.
35. The price paid by buyers minus the price paid by sellers equalsA) the tax only if it is imposed on buyers.B) the subsidy whether it is given to buyers or to sellers.C) the tax whether it is imposed on buyers or on sellers.D) the tax only if it is imposed on sellers.
1. People use futures contracts for all of the following, except toA) reduce risk.B) profit from past prices.C) predict the future.D) speculate.
2. The higher the minimum wage is above the equilibrium wage, theA) more likely it is for students to stay in high school and finish their diploma.B) smaller is the number of low-skilled unemployed workers.C) greater is the number of low-skilled unemployed workers.D) smaller is the labor surplus among teenagers.
3. The fundamental determinant of the elasticity of demand for a good isA) the opportunity cost of producing the good.B) the number of consumers in the market.C) how easy it is to substitute the good for another.D) the value that consumers place on one more unit of the good.
4. Suppose that a hurricane hits both North Carolina and South Carolina. North Carolina has severe price gouging laws in place while South Carolina has none. Both states have a shortage of ice. Which state will recover from its ice shortage more quickly?A) South CarolinaB) North CarolinaC) They will both recover at the same speed.D) Neither state will ever recover.
5. Which of the following explains why someone with an absolute advantage in painting houses may NOT spend their time painting houses?A) Even though they have the absolute advantage in painting houses, they still may not
be very good at it.B) They may have a comparative advantage in painting houses, as well.C) In an efficient market, someone with an absolute advantage in painting houses will
always spend their time painting houses.D) They may be relatively better at something else than painting houses.
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6. Consider the market for gasoline, a good with a relatively low elasticity of demand. Who will bear the majority of a tax imposed on gasoline?A) sellers, as long as supply is more elastic than demandB) buyers, as long as demand is less elastic than supplyC) no one; the tax burden will be borne equally by both buyers and sellersD) it depends on the tax rate at the time the gasoline is sold
7. In many universities, graduate students are employed to teach introductory undergraduate courses, even though the full professors at these universities have more experience and could potentially teach these courses better. Which of the following best explains why universities choose to hire graduate students instead of full professors to teach their introductory courses?A) The opportunity cost of teaching an introductory course is higher for full professors
than for graduate students.B) Introductory classes are the best place for graduate students to build their teaching
skills.C) Graduate students are cheaper.D) The opportunity cost of teaching an introductory course is higher for graduate
students than for full professors.
8. With a tax on producers, demandA) decreases.B) remains in the same location.C) shifts in an indeterminate direction.D) increases.
9. When a price ceiling is in effect, quantity ______ will be greater than quantity ______ creating a ______.A) demanded; supplied; surplusB) supplied; demanded; shortageC) supplied; demanded; surplusD) demanded; supplied; shortage
10. If the market price is above the equilibrium price, which of the following will occur?A) Quantity supplied will exceed quantity demanded and the market price will
eventually fall.B) Quantity demanded will exceed quantity supplied and the market price will
eventually fall.C) Quantity supplied will exceed quantity demanded and the market price will
eventually rise.D) Quantity demanded will exceed quantity supplied and the market price will
eventually rise.
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11. When firms go bankrupt, itA) reveals a faulty price system.B) usually results from other firms practicing predatory pricing.C) frees up resources to higher-valued uses.D) indicates that capitalism is inefficient.
12. With a tax on producers, supplyA) decreases.B) remains in the same location.C) shifts in an indeterminate direction.D) increases.
13. The steeper a linear demand curve is theA) more normal the good.B) less elastic the demand.C) more elastic the demand.D) higher the price of the good.
14. As world coal prices rise due to increasing scarcity, the demand for wind energy should:A) increase.B) decrease.C) change in an indeterminate direction.D) remain the same.
15. If gasoline prices remain high long enough, people will arrange to do more telecommuting. This would be an example of why the elasticity ofA) supply for gasoline is higher in the long run.B) demand for gasoline is lower in the long run.C) demand for gasoline is higher in the long run.D) supply for gasoline is lower in the long run.
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Use the following to answer questions 16-18:
Use the following diagram for the question(s) below.Figure: Bananas
16. (Figure: Bananas) If there is a $3 tariff on bananas, what is the total tariff revenue?A) $180,000B) $360,000C) $135,000D) $270,000
17. (Figure: Bananas) Refer to the figure. If there is a $3 tariff on bananas, approximately what percent of banana consumption comes from imports?A) 90 percentB) 10 percentC) 8 percentD) 93 percent
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18. (Figure: Bananas) Refer to the figure. If there is a $3 tariff on bananas, domestic consumers buy ______ fewer bananas and domestic producers grow ______ additional bananas.A) 50,000; 10,000B) 50,000; 20,000C) 75,000; 10,000D) 75,000; 20,000
19. A higher income tends to make demand for a given good ______ elastic.A) equallyB) lessC) moreD) indeterminately
20. Setting the maximum legal price above the market price will causeA) market inefficiencies.B) quantity supplied to exceed quantity demanded.C) a shortage to develop.D) the market to reach an equilibrium outcome.
21. When deciding how much to study for an economics class, students should study until:A) the total benefits exceed the total costs.B) the marginal benefits exceed marginal costs.C) the total costs equal the total benefits.D) the marginal costs exceed marginal benefits.
22. If the demand for a good is elastic, thenA) revenues increase when the price goes up.B) revenues decrease regardless of the direction of the price change.C) any change in price is matched by an equal and opposite percentage change in
quantity, so revenues stay the same.D) revenues decrease when the price goes up.
23. The demand curve for oil shows:A) the quantity demanded of oil at different prices of oil.B) the demand for oil at different prices of other goods.C) the demand for oil when there is a surplus or shortage.D) the quantity demanded of oil at different income levels.
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24. If prices are not allowed to rise because of a price ceiling, thenA) a shortage will develop, but only temporarily until markets adjust to the lower
prices.B) suppliers have an incentive to provide a high level of customer service.C) suppliers will compensate for the lower price by increasing the quality of their
goods.D) prices do not provide the correct information about consumers' valuation of the
good.
25. Consumer surplus is the amount that consumers:A) are willing to pay for a good.B) actually pay for a good.C) are willing to pay for a good plus the amount that they actually pay for it.D) are willing to pay for a good minus what they actually pay for it.
26. The price paid by buyers minus the price paid by sellers equalsA) the tax only if it is imposed on sellers.B) the tax only if it is imposed on buyers.C) the subsidy whether it is given to buyers or to sellers.D) the tax whether it is imposed on buyers or on sellers.
27. When there is a surplus, sellers have an incentive to ______ their price and buyers have an incentive to offer a ______ price.A) increase; lowerB) decrease; lowerC) decrease; higherD) increase; higher
28. A country has a comparative advantage in a good if:A) no other country is willing to buy that good from it.B) it does not have an absolute advantage in that good.C) it has the lowest opportunity cost of producing that good.D) it can produce more of that good than any other country.
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29. Labor unions are composed of high-skilled workers, but generally support minimum wage laws that typically affect only low-skilled workers. Their support makes more sense by considering that low-skilled labor is a ______ for high-skilled labor, and minimum wages ______ the quantity demanded of low-skilled labor.A) complement; increaseB) substitute; increaseC) complement; decreaseD) substitute; decrease
30. Which of the following explains why the demand for oil has a negative slope?A) Oil is equally valuable in all of its uses.B) Oil is not equally valuable in all of its uses.C) Oil has few substitutes.D) Oil has many uses.
31. The government can choose between taxing buyers of grapes at $1.00 per pound or taxing the sellers of grapes at $1.00 per pound. Which of the following statements is TRUE?I. The choice most beneficial to buyers is placing the $1.00 tax on sellers.II. The choice most beneficial to sellers is placing the $1.00 tax on buyers.III. Either choice will have the same effect on both buyers and sellers.A) I and II onlyB) III onlyC) II onlyD) I only
32. If demand decreases, ceteris paribus, market price will be ______ at the new equilibrium point.A) lowerB) the sameC) either higher or lowerD) higher
33. How can sellers increase profits when they face a price ceiling?A) produce and sell more outputB) charge a higher price for the goodC) reduce the quality of the product and provide less customer serviceD) charge a lower price for the good to undercut rival sellers
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34. Who does protectionism hurt?A) domestic consumers onlyB) international producers and domestic consumersC) domestic producers onlyD) international producers only
35. An increase in demand shifts the demand curve:A) downward.B) to the right.C) to the left.D) upward.
