.If the supply of a good decreased, what would be the effect on the equilibrium price and quantity?
What will be an ideal response?
Price would increase, and quantity would decrease.
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Describe some of the benefits and costs associated with the emergence of large cities in developing countries
What will be an ideal response?
If the price of ice cream increases substantially (ceteris paribus), the equilibrium quantity of hot fudge sauce, a complement, is likely to:
a. increase, and the equilibrium price of hot fudge is likely to decrease. b. increase, and the equilibrium price of hot fudge is likely to increase. c. decrease, and the equilibrium price of hot fudge is likely to decrease. d. decrease, and the equilibrium price of hot fudge is likely to increase.
An appreciating currency is always a sign of economic health
a. True b. False
In economic theorizing, common sense will always lead to the correct answer
a. True b. False Indicate whether the statement is true or false