Refer to the information provided in Figure 3.16 below to answer the question(s) that follow.
Figure 3.16Refer to Figure 3.16. When the economy moves from Point B to Point A, there has been
A. an increase in supply and a decrease in quantity demanded.
B. a decrease in both supply and demand.
C. a decrease in supply and a decrease in quantity demanded.
D. a decrease in demand and a decrease in quantity supplied.
Answer: D
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Drivers who enter an expressway during the rush hour create negative externalities whenever they
A) could have taken another route. B) drive under the speed limit. C) fail to yield as they merge. D) have no other passengers in their vehicles. E) inadvertently slow down all the drivers behind them.
An option that can only be exercised at maturity is called
A) a swap. B) a stock option. C) an European option. D) an American option.
An increase in which of the following would shift the supply curve for gasoline to the right?
a. demand for gasoline b. price of gasoline c. number of producers of gasoline d. price of oil, an input into the production of gasoline
Authors are allowed to be monopolists in the sale of their books in order to
a. encourage authors to write more and better books. b. correct for the negative externalities that the Internet and television impose. c. satisfy literary advocacy groups that exercise their lobbying power. d. promote a society in which people think for themselves and learn from whichever books they please.