For which situation would we expect the adjustment speed to be the fastest?
A) The demand for surgeons increases.
B) A large increase in birth rates leads to an increase in elementary school teachers.
C) The demand for movie videos increases.
D) The demand for office space in downtown Chicago increases.
C
You might also like to view...
The Coase theorem is significant because it
A. implies that no transaction costs are associated with solving externalities. B. shows that property rights can be assigned. C. shows that under certain conditions externalities can be corrected in the market without resorting to nonmarket means. D. a and b
As government becomes larger and larger as a share of the economy, economic growth is likely to decline because
a. taxes are reduced to levels that are inconsistent with economic efficiency. b. governments are involved in many activities for which they are ill-suited. c. tax-transfer activities are reduced and sometimes virtually eliminated. d. governments do not spend enough on the provision of key public goods like education.
In 1963 the U.S. poverty standard was equal to
A. $10,000 per year. B. $1,000 per year. C. $22,000 per year. D. $3,000 per year.
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward