If supply falls, what happens to equilibrium price and quantity?
What will be an ideal response?
price rises; quantity falls
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In understanding and analyzing "market demand," we focus on how much all buyers are
A. willing and wanting to buy at different prices. B. willing and able to buy with their given income. C. willing and able to buy at different prices. D. actually buying now and in the recent past at various prices.
Read Eye on Price Regulation on p. 185 and explain why a mismatch between intention and outcome is inevitable if a price regulation seeks to block the laws of supply and demand
What will be an ideal response?
The overall decline in death rates in the United States since 1981 was due to all of the following except
A) new surgical techniques. B) a decline in smoking. C) the decline in the population. D) the availability of new prescription drugs.
The individual supply curve for labor is the relationship between the wage and the quantity of labor that:
A. all workers are willing to provide. B. any given worker is willing to provide. C. all firms are willing to employ. D. any given firm is willing to employ.