If supply of a product increases and demand for the product decreases, equilibrium price will definitely change
Indicate whether the statement is true or false
TRUE
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When consumers are willing to buy more than producers are willing to sell
A) there is excess demand for the product in the market. B) the market is in equilibrium. C) the demand curve will shift until the quantity supplied equals the quantity demanded. D) there is excess supply of the product in the market.
When the economy suffers a temporary negative supply shock and the monetary policy makers try to stabilize economic activity in the short run, then
A) aggregate demand curve shifts rightward. B) output will be at its potential. C) inflation rate will be higher. D) all of the above. E) both A and B.
Data for the United States traced out an almost perfect Phillips curve for much of the
a. 1960s. b. 1970s. c. 1980s. d. 1990s.
Which statement is most likely true about the demand curve in the graph?
A. Point R is unit elastic, while point S is very inelastic.
B. Point T is very inelastic, while point Q is very elastic.
C. Point Q is very inelastic, while point T is very elastic.
D. Point Q is slightly elastic, while point S is very inelastic.