Suppose the price and quantity of steel fell at the same time. What might be the likelyexplanation of this using supply and demand analysis?
What will be an ideal response?
The likelihood is that the demand for steel fell. This would push down the price of steel and it would also result in less steel produced and sold.
You might also like to view...
A negative externality exists when
A. marginal social costs are less than marginal private costs. B. marginal social costs are greater than marginal private costs. C. marginal social benefits are less than marginal private benefits. D. marginal social benefits are greater than marginal private benefits. E. b and c
Using the fiscal year 2014 estimates, the largest component of federal revenue is the
A) individual income tax. B) corporate income tax. C) excise tax. D) social insurance and contributions.
Economic mobility in the United States is
a. great, so many of those below the poverty line are there only temporarily. b. rare, so most of those below the poverty line are there for decades. c. rare, yet many of those below the poverty line are there only temporarily. d. unrelated to poverty.
What is the domestic exchange equation of Portugal?
