If the demand for a product decreases and the supply of the same product increases, the equilibrium quantity will increase
Indicate whether the statement is true or false
FALSE
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In the fifteenth and sixteenth centuries, most towns prohibited individuals from accumulating stocks of grain. Since such individuals sold the grain and profited greatly during food shortages, they were considered to be exploiting people in need. The result of this prohibition was
a. wilder fluctuation in the price of grain. b. more grain shortages. c. losses to farmers in a good crop year. d. All of the above are correct.
The conduct of monetary policy in the United States is the main responsibility of the:
A. U.S. Treasury B. Federal Reserve System C. Office of Management and Budget D. Bureau of Economic Analysis
The behavior of people in government
A) can be explained or understood by applying the same principles we use to predict the behavior of people in business. B) is different from the behavior of people in business because the former aims at the general welfare rather than private welfare. C) is essentially different from market behavior. D) is not compatible with the existence of a market system. E) serves to balance private-sector behavior.
Currently tire producers must receive a price of $50 per tire to produce 5000 tires. If the supply curve of tires is upward sloping, then to produce one additional tire, tire producers will need to receive a price of
A) $50. B) less than $50. C) more than $50. D) $0.