A sudden rise in the market demand in a competitive industry leads to
a. A short run market equilibrium price higher than the original equilibrium
b. A market equilibrium higher than the short run price
c. Some firms exiting the market
d. All of the above
a
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The income elasticity of demand is the percentage change in ________ divided by the percentage change in ________
A) the price; income B) the quantity demanded; income C) income; the quantity demanded D) income; the price
Since the replacement of AFDC with TANF the welfare rolls have grown in the United States
a. True b. False
Workforce quality can be improved by
a. years of education. b. on-the-job training. c. workplace learning. d. all of the above.
Adding the quantities demanded by all consumers at every price will yield
A) the market-clearing price. B) the number of consumers. C) the total substitution effect from a price change. D) the market demand curve.