If the supply of a product decreases, then we would expect equilibrium price
a. to increase and equilibrium quantity to decrease.
b. to decrease and equilibrium quantity to increase.
c. and equilibrium quantity to both increase.
d. and equilibrium quantity to both decrease.
a
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Labor productivity rises
A) if the amount of capital per worker increases. B) in the absence of technological progress. C) if firms invest in hiring more workers rather than buying more capital. D) if the amount of capital per worker decreases.
With the exception of during recessions, workers in Canada are eligible for unemployment benefits for about twice as long a period of time as workers in the United States. As a result,
A) frictional unemployment is higher, on average, in the United States than in Canada. B) the opportunity cost of job search in Canada is lower than in the United States. C) the average duration of unemployment is longer in the United States than in Canada. D) the unemployment rate in Canada is usually higher than in the United States.
Would the use of money, as opposed to barter, increase the growth rate of real GDP in a country over time? Why or why not?
What will be an ideal response?
Behavioral economists view the standard economic theory of decisions involving time as being too restrictive because people:
A. have lapses in self-control. B. make systematic errors in forecasting the future. C. are reluctant to abandon projects after incurring substantial sunk costs, despite low probabilities of success.