If market demand increases and market supply decreases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. indeterminate; decrease
b. indeterminate; increase
c. decrease; decrease
d. increase; increase
b
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In the figure above, the producer surplus is
A) $60,000. B) $100,000. C) $40,000. D) $80,000. E) $50,000.
Understanding how individual sectors of the economy will respond to changes in key economic variables gives us a better understanding of how the macroeconomy behaves
Indicate whether the statement is true or false
Cyclical unemployment is the result of the business cycle
a. True b. False Indicate whether the statement is true or false
A vertical long-run aggregate-supply curve represents
a) both the classical dichotomy and monetary neutrality. b) the classical dichotomy but not monetary neutrality. c) neither the classical dichotomy nor monetary neutrality. d) monetary neutrality but not the classical dichotomy.