The figure below shows the supply and demand curves for jeans in Smallville.
At the price of $60 per pair, sellers offer ________ pairs of jeans per day, and buyers wish to purchase ________ pairs of jeans a day.
A. 24; 8
B. 8; 24
C. 16; 16
D. 60; 20
Answer: A
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An increase in the price of inputs will cause the supply curve for a product to shift to the right
Indicate whether the statement is true or false
Which of the following statements about crowding out is true?
a. It can completely offset the multiplier. b. It is caused by a budget deficit. c. It is not caused by a budget surplus. d. All of these are true.
Explain how the development of telecommunications has made cities like Bangalore and Omaha important locations for the development of service trade?