A market's equilibrium is the point at which the supply and demand curves intersect
a. True
b. False
Indicate whether the statement is true or false
True
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If the supply of labor in a purely competitive labor market increases, then the product
A. demand curve will shift to the left. B. supply curve will shift to the left. C. supply curve will shift to the right. D. demand curve will shift to the right.
Suppose the U.S. economy enters a recession and incomes fall. What will happen to the equilibrium prices and quantities of normal goods? Would your answer be the same if you were discussing inferior goods? Why or why not?
What will be an ideal response?
The above figure shows a graph of the market for pizzas in a large town. As a result of concern over the affordability of pizza, the government restricts sellers from charging a price over $7. As a result, the quantity of pizzas consumed will
A) increase. B) decrease. C) remain unchanged. D) be indeterminable.
The Phillips curve is stable over time
Indicate whether the statement is true or false