An increase in the demand for LED light bulbs due to changes in consumer tastes, accompanied by an increase in the supply of LED light bulbs as a result of government subsidies, will result in
A) an increase in the equilibrium quantity of LED light bulbs; the equilibrium price may increase or decrease.
B) an increase in the equilibrium price of LED light bulbs and no change in the equilibrium quantity.
C) an increase in the equilibrium quantity of LED light bulbs and no change in the equilibrium price.
D) an increase in the equilibrium price of LED light bulbs; the equilibrium quantity may increase or decrease.
A
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You would be willing to pay a maximum of $1000 for an airplane ticket to London, UK during the summer, and you can buy an airplane ticket for $890. Your consumer surplus is:
A) $190. B) $110. C) $100. D) $90.
In long-run equilibrium, employment is at full employment and unemployment is at the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false
There are at least three exchange rates between every pair of national currencies
a. True b. False Indicate whether the statement is true or false
Redistribution through the public sector tends to lower economic prosperity because
a. it weakens the link between productive activity and the reward derived from it. b. it encourages resources to flow into wasteful rent-seeking activities. c. the higher tax rates required to finance redistribution result in resources being devoted toward tax avoidance activities. d. all of the above are true.