Suppose there is an unusually large crop of apples this year. How might this affect the market for apples?
A. The demand would increase, increasing both equilibrium price and quantity.
B. The supply would increase, decreasing equilibrium price and increasing equilibrium quantity.
C. The demand would decrease, decreasing both equilibrium price and quantity.
D. The supply would decrease, increasing equilibrium price and decreasing equilibrium quantity.
B. The supply would increase, decreasing equilibrium price and increasing equilibrium quantity.
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Z is a normal good. The equilibrium price and equilibrium quantity of Z in the year 2011 was $25 and 60 units, respectively. In 2014, the equilibrium price of Z had decreased to $15 and the equilibrium quantity had also decreased to 50 units
Other things remaining the same, which of the following could explain this change? A) Shift of the demand curve for Z to the left B) Shift of the demand curve for Z to the right C) Shift of the supply curve of Z to the right D) Shift of the supply curve of Z to the left
Some economists reject the idea that bigness is __________. These people believe our policy should be __________
a. c, d, and e b. efficient or technologically superior; to encourage bigness c. inevitable; to break big firms up d. contestable; to contest bigness e. inevitable; laissez-faire
Minimum-wage laws are one reason there is always some unemployment in the U.S. economy
a. True b. False Indicate whether the statement is true or false
Offer a defense of economic growth.
What will be an ideal response?