Explain what would happen to the equilibrium price and quantity of iPhones if the supply of iPhones increased while the demand for iPhones also increased
What will be an ideal response?
Equilibrium quantity would increase. Equilibrium price would depend on which change was larger. If the supply increase was larger than the demand increase, equilibrium price would decrease. If the demand increase was larger than the supply increase, equilibrium price would increase.
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The yardstick most often used to compare living standards across nations is
a. average production cost per unit b. sales revenue per month c. utility per capita d. GDP per person e. imports per year
Refer to the data. If a 10 percent proportional tax on income is imposed, the consumption schedule will now be:
Answer the question on the basis of the following before-tax consumption
schedule for an economy:
A mismatch between the geographic location of workers and the location of job openings would result in which type of unemployment?
A. Wait B. Cyclical C. Frictional D. Structural
What was the first federal government agency established to regulate business?
(a) The Federal Trade Commission (b) The Securities and Exchange Commission (c) The Federal Power Commission (d) The Interstate Commerce Commission