The phrase "demand has decreased" means that
A) there has been an upward movement along a demand curve.
B) a demand curve has shifted to the right.
C) a demand curve has shifted to the left.
D) there has been a downward movement along a demand curve.
C
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A monopolist union that desired to maximize its total wage bill (w ? l) would offer that quantity of labor for which:
a. labor's marginal productivity is zero. b. labor's wage falls to zero. c. the quantity of labor hired is as great as possible given the firm's demand curve. d. the marginal revenue from providing one more worker to the market is zero.
Based on the graph showing the supply and demand for health care service, what would happen to area ABC if a new national program provided unlimited free health care to everyone?
a. It would grow.
b. It would shrink.
c. It would disappear.
d. It would remain stable.
When economists say the quantity supplied of a product has increased, they mean the:
A. supply curve has shifted to the left. B. supply curve has shifted to the right. C. price of the product has risen, and consequently, suppliers are producing more of it. D. price of the product has fallen, and consequently, suppliers are producing less of it.
An open market purchase of securities by the Fed
A) increases banks' reserves and decreases banks' securities. B) decreases banks' reserves and increases banks' securities. C) decreases banks' total assets. D) involves a bank purchasing government securities from the Fed.