If shoes rise in price, the demand curve for shoes ________ and the quantity of shoes demanded ________
A) shifts leftward; decreases
B) shifts leftward; does not change
C) does not shift; decreases
D) does not shift; does not change
C
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Suppose firms in a perfectly competitive market are earning an economic profit. As new firms enter, the price ________ and the economic profit of each existing firm ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
Explain why under the gold standard a perpetual surplus or a perpetual deficit is impossible
What will be an ideal response?
The value added at all stages of production sums to the market value of the final good, and the value added for all final goods sums to GDP based on the income approach
a. True b. False Indicate whether the statement is true or false
If the Fed decreases the money supply, gross domestic product: a. increases by the same amount as the increase in the interest rate
b. decreases by a greater amount than the increase in the interest rate because of the multiplier. c. decreases by the same amount as the decrease in investment. d. decreases by a greater amount than the decrease in investment because of the multiplier. e. decreases by a lesser amount than the decrease in investment because of the multiplier.