In a perfectly competitive industry, price is set by ___________ and ___________.
Fill in the blank(s) with the appropriate word(s).
industry supply; industry demand
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Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts more than the demand curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.
If the price of capital falls, _____
a. the supply of capital increases b. the quantity supplied of capital decreases c. the quantity supplied of capital increases d. the quantity supplied of capital remains unchanged e. the supply of capital decreases
Using typical estimates of the sacrifice ratio, how much output would likely be sacrificed to reduce inflation by 3 percent?
Of the following examples, expenditures on ______ will most likely increase dramatically when the GDP rises.
a. HDTVs b. pants c. cough drops d. milk