If supply and demand both increase, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. uncertain; higher
B. higher; higher
C. lower; uncertain
D. lower; lower
Answer: A
You might also like to view...
You took a summer job as a salesperson in a shoe store with the knowledge that you will either make $2,000 or $3,500 with probabilities 0.4 and 0.6 respectively. What is your expected income for the summer job?
A) $2,000 B) $3,000 C) $5,000 D) $2,900
If the consumption function is defined as C = 5,500 + 0.9Y, what is the autonomous level of consumption expenditure?
A) $4,950 B) $5,500 C) $6,050 D) $6,111
Which of the following is not a leading variable?
A. Inflation B. Average labor productivity C. Residential investment D. Stock prices
Refer to Table 17-2. The firm represented in the diagram
A) has market power in the output market. B) has market power in both the factor and product market. C) has market power in the factor market. D) has no market power in the factor or product market.