Related to the Economics in Practice on p. 79: If the supply of generators decreased and the equilibrium price of generators decreases, the demand for generators ________ and total revenue from the sale of generators ________.
A. increased; may increase, decrease, or stay the same
B. may have increased, decreased, or stayed the same; will decrease
C. may have increased; decreased, or stayed the same; may increase, decrease, or stay the same
D. decreased; will decrease
Answer: D
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Indicate whether the statement is true or false
The household and establishment surveys sometimes differ on the labor market conditions. This is probably because ________
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a. The winner's willingness to pay b. The highest willingness to pay among the losers c. The lowest willingness to pay among the losers d. None of the above
During the Great Depression of the 1930s, the aggregate demand curve intersected the aggregate supply curve in the:
a. horizontal portion of the aggregate supply curve. b. upward-sloping part of the aggregate supply curve. c. vertical portion of the aggregate supply curve. d. early years in the horizontal portion, but in the later years in the vertical portion. e. early years in the vertical portion, but in the later years in the horizontal portion.