Assume that oranges and peaches can both be grown on the same type of land, a decrease in the price of peaches, other things being equal, will cause a(n):
A. upward movement along the supply curve for oranges.
B. downward movement along the supply curve for oranges.
C. rightward shift of the supply curve for oranges.
D. leftward shift of the supply curve for oranges.
Answer: C
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Specifically, what might cause the quantity demanded of a particular good to double at a particular price?
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.
A good is a blank product that consumers, firms, or governments wish to purchase.
Answer the following statement(s) true (T) or false (F)
What will increase short-run aggregate supply?
What will be an ideal response?