In the above figure, if D2 is the original demand curve and consumers come to expect that the price of the good will rise in the future, which price and quantity might result?
A) point a, with price P2 and quantity Q2
B) point b, with price P1 and quantity Q1
C) point c, with price P3 and quantity Q3
D) point d, with price P1 and quantity Q3
C
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The figure illustrates Sally's budget line and her preferences. Point ________ is Sally's best affordable point, and Sally prefers point ________ to point ________
A) A; B; A B) E; C; B C) B; A; B D) B; B; D
The New Deal was the economic program of
A. Herbert Hoover. B. Franklin D. Roosevelt. C. Dwight D. Eisenhower. D. Lyndon B. Johnson.
The number of transactions a typical dollar is used in during a given period is called the:
A. transaction velocity. B. transaction rate. C. quantity theory of money. D. velocity of money.
On the island of Yap, 5 canoes have a value of one stone wheel known as a fei. What function of money do fei serve in this example?
A. store of value B. medium of exchange C. medium of deferred payment D. unit of account