If supply of a product increases and demand for the product decreases, equilibrium price will definitely change.
Answer the following statement true (T) or false (F)
True
You might also like to view...
What, according to the textbook, accounts for the federal budget surplus in the late 1990s?
A) A move toward virtue on Capital Hill B) Strong economic growth during that period C) Huge increases in tax rates D) A successful beggar-thy-neighbor strategy
Marginal utility measures the
A) total utility from consumption. B) additional utility from an additional unit of consumption. C) average utility from an additional unit of consumption. D) additional cost of an additional unit of consumption.
Which of the following is the best example of a voluntary export restraint?
A) a $5,000 per-car fee imposed on all sports utility vehicles imported into the United States B) a subsidy granted by the U.S. government to domestic sports utility vehicle manufacturers so they can compete more effectively with foreign sports utility vehicle manufacturers C) a tax placed on all sports utility vehicles sold in the domestic market D) a limit set by the Japanese government on the number of sports utility vehicles that the United States can import from Japan
Carol is a coal miner who just got laid off when the last coal mine in the area was shut down. She has looked everywhere for another job as a miner, but cannot find one. Given that Carol is unlikely to find another job as a miner, she would be considered:
A. frictionally unemployed. B. structurally unemployed. C. real-wage unemployed. D. Carol is a discouraged worker.