The supply curve of textbooks (which are produced using paper made from trees) will shift to the left in response to:
A. a decline in college tuition.
B. a sharp increase in the demand for and construction of wood-frame homes.
C. an increase in the supply of lumberjacks.
D. an end to government regulations that limit timber harvesting in national forests.
Answer:B
The supply curve of textbooks (which are produced using paper made from trees) will shift to the left in response to:
A. a decline in college tuition. B. a sharp increase in the demand for and construction of wood-frame homes. C. an increase in the supply of lumberjacks. D. an end to government regulations that limit timber harvesting in national forests.
Explanation: 22. Steel mill wage costs increase by 18 percent over a year. What is the likely economic effect on the market for steel?