Use the figure below to answer the following question.
The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. In the immediate period, the increase in demand will
A. increase equilibrium quantity but not equilibrium price.
B. increase equilibrium price but not equilibrium quantity.
C. increase both equilibrium price and quantity.
D. have no effect on either equilibrium price or quantity.
Answer: B
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The largest share of the typical American family budget goes to
A. goods. B. health care. C. housing. D. transportation
If the ratio of the dollar price of a U.S. toy to the dollar price of a Chinese toy is less than one:
A) retailers in the U.S. should buy the toys from both Chinese suppliers and American suppliers. B) retailers in the U.S. should not buy the toys from both Chinese suppliers and American suppliers. C) retailers in the U.S. should buy the toys from Chinese suppliers. D) retailers in the U.S. should buy the toys from American suppliers.
The U.S. government imposes import quotas on many agricultural products, especially products that receive price supports. Offer an economic explanation for this
What will be an ideal response?
A labor union is an organization representing workers in negotiations with employers over wages, benefits, and working conditions
a. True b. False Indicate whether the statement is true or false