An increase in demand occurs when
A. quantity demanded is greater than quantity supplied.
B. quantity supplied is greater that quantity demanded.
C. the demand curve shifts upward and to the right.
D. there is a leftward shift in the demand curve.
C. the demand curve shifts upward and to the right.
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Refer to Figure 22.2 below. Suppose that the supply of land is constant at L acres, and Price per acre is $400. In addition, the before-tax demand for land can be characterized by the equation P = 500 - 2L, where L is the acres of land and P is the price.
(A) What is the constant supply of land (L) in the market?
(B) If the after-tax demand curve, P , can be written as P = 400 - 4L, what is P , and how
much tax revenue is generated?
In the game in Scenario 13.5,
A) there is one equilibrium: for both to expand West. B) there is one equilibrium: for both to expand South. C) there are two equilibria: either can expand in the West, and the other expands in the South. D) there is only a mixed strategies equilibrium. E) all four outcomes are equilibria.
2.2 "Supply-Side" Economics
What will be an ideal response?
Macroeconomics focuses on:
A.) Government failure. B.) The behavior of individuals, firms, and government agencies. C.) Land, labor, and capital. D.) The economy as a whole.