Which of the following will definitely occur when there is a simultaneous decrease in demand and a decrease in supply?
A. an increase in equilibrium quantity
B. a decrease in equilibrium price
C. an increase in equilibrium price
D. a decrease in equilibrium quantity
Answer: D
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A nation is said to have _____ in the production of a good if it can produce it at a lower cost than another nation
a. a comparative advantage b. an absolute advantage c. economies of scale d. production efficiency
If Sean sells Susan a DVD player for $30, we would expect that Select one:
a. Both Shawn and Susan will gain from this transaction. b. Sean will gain from the transaction, but Susan will lose. c. Susan will gain from the transaction, but Sean will lose. d. The well-being of both parties will be unchanged.
The theory of comparative advantage suggests that nations should produce a good if they:
A. have the lowest opportunity cost. B. have the lowest wages. C. have the most resources. D. can produce more of the good than any other nation.
________: the amount by which the quantity supplied exceeds the quantity demanded at a particular market price
Fill in the blank(s) with correct word