Consider the Market for Peanut Butter

question 189

Multiple Choice

Consider the market for peanut butter.If there is an increase in the price of peanuts,

• A) there is an upward movement along the supply curve for peanut butter.
• B) the supply curve for peanuts shifts rightward.
• C) there is a decrease in the supply of peanuts.
• D) there is a decrease in the supply of peanut butter.
• E) there is a decrease in the demand for peanut butter.

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Definitions:

Precedent

A legal principle or rule established in a previous legal case that is either binding or persuasive for a court when deciding subsequent cases with similar issues or facts.

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Laws and statutes enacted by a governing body to regulate, authorize, sanction, grant, declare, or restrict.

CRTC

The Canadian Radio-television and Telecommunications Commission, a regulatory agency for broadcasting and telecommunications.

Administrative Tribunal

A quasi-judicial body established to handle disputes regarding administrative decisions made by governmental agencies.