When demand falls and supply rises, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
fall; rise, fall, or stay the same
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A period of time in which the overall pace of business activity is falling is known as
A. an expansion. B. deflation. C. inflation. D. a contraction.
Land used for commercial Christmas trees can also produce pulpwood. Therefore, an increase in the expected market price of Christmas trees tends to
A) reduce the demand for Christmas trees. B) increase the supply of Christmas trees. C) increase the cost of producing pulpwood. D) decrease the cost of producing pulpwood.
Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. If PC = $0.60, what is Pepsi's demand function?
A. QP = 90 - 500PP B. QP = 330 - 400PP C. QP = 500 - 330PP D. QP = 330 - 500PP
From the 1960s to the early 1990s, marginal tax rates _____
a. varied, but not in a consistent direction b. steadily declined c. steadily increased d. remained relatively constant