Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts more than the demand curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease.
B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease.
C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase.
D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.
Answer: D
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Jake just quit his job as a shoe salesman and is looking for work as an accountant, which is what his college degree is in. Jake would be considered:
A. Jake is not in the labor force. B. cyclically unemployed. C. structurally unemployed D. frictionally unemployed.
Refer to the table below. A technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price. As a result of this technological change, equilibrium output in this market:
A. Decreased by 60 units
B. Increased by 60 units
C. Increased by 30 units
D. Decreased by 30 units
Price and total revenue move in inverse directions when demand is
A. unit price elastic. B. perfectly price inelastic. C. price inelastic. D. price elastic.