In which of the following situations will market clearing price decrease and the equilibrium quantity increase?
A) an increase in demand with no change in supply
B) an increase in supply with no change in demand
C) a decrease in supply with no change in demand
D) a decrease in demand with no change in supply
Answer: B
You might also like to view...
One of the key economic questions is "where should products be produced?"
Indicate whether the statement is true or false
An auction of the leases to drill for natural gas on about 55,000 acres on the Roan Plateau in western Colorado in August 2008 generated nearly $114 million, a record for onshore energy lease sales in the lower 48 states
Is natural gas a renewable or non-renewable resource? Why? A) Renewable, because the resource can be recycled B) Non-renewable, because the used resource cannot be reused C) Non-renewable, because the value of marginal product for natural gas is diminishing D) Renewable, because oil, natural gas, and coal are traded in global community markets
The energy source most often used by the earliest factories was
(a) animal power. (b) wind power. (c) water power. (d) steam engines.
For the top 1 percent of income distribution, the share of total income earned by households in this group was about ________ percent in 2015
A) 9 B) 17 C) 44 D) 68