If demand increases, the equilibrium price and equilibrium quantity will both fall, everything else being equal.
Answer the following statement true (T) or false (F)
False
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Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $5?
A) 3 B) 12 C) 15 D) 27
According to the text, the federal government spends the most taxpayer-provided funds regulating which area of the economy?
A) the environment B) finance and banking C) consumer safety and health D) transportation
If the price elasticity of demand for water is inelastic, which of the following could be a possible value of the elasticity?
A. 2 B. 1 C. 0.5 D. All of these
How much is the marginal propensity to consume when disposable income rises from $600 billion to $800 billion?
A. .5
B. .65
C. .75
D. .85