In the Market for Cell Phones,all of the Following Would

question 44

Multiple Choice

In the market for cell phones,all of the following would cause the supply of cell phones to change except:

• A)an improvement in the technology used to produce cell phones.
• B)an increase in the cost of labor used to produce cell phones.
• C)a change in cell phone producers' expectations.
• D)an increase in the number of buyers in the market for cell phones.

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Definitions:

Aggregate Supply

The total supply of goods and services available to a particular market from producers at various price levels, in the context of macroeconomic analysis.

Economic Growth

An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.

National Saving

The total amount of savings generated within a country, representing the difference between national income and consumption plus government spending.

Budget Resolution

A congressional agreement about total outlays, spending by major category, and expected revenues; it guides spending and revenue decisions by the many congressional committees and subcommittees.