The exit of farms from a market should
A. Increase the equilibrium market output.
B. Decrease the equilibrium market price.
C. Increase the equilibrium market price.
D. Shift the agricultural market supply curve to the right.
Answer: C
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If the supply of hotel rooms falls and all other relevant factors remain unchanged, then,
a. the demand for hotel rooms will fall. b. the quantity demanded of hotel rooms will fall. c. the demand for hotel rooms will rise. d. the quantity demanded of hotel rooms will rise.
In the ________ increases in the supply of money will ________
A) long run; lead to lower prices B) short run; raise total demand and output C) long run; raise total demand and output D) short run; decrease total demand and output
Technological change is the key to sustaining economic growth
Indicate whether the statement is true or false
An increase in the minimum wage will tend to cause which of the following to occur?
A) an increase in the size of the surplus of labor B) a leftward shift in the demand for labor C) a rightward shift in the supply of labor D) a reduction in the unemployment rate