When demand rises and supply remains the same, equilibrium price _______ and equilibrium quantity ____________.
Fill in the blank(s) with the appropriate word(s).
rises; rises
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An individual buys shares in a mutual fund, which uses the proceeds to buy corporate stocks and bonds. This is part of the process by which
A) total product becomes unequal to total expenditures. B) firms release goods to make them available to consumers. C) firms obtain investment goods that consumers relinquish claims to. D) consumers make an "inventory investment" in goods to be purchased in the future.
Suppose a market were currently at equilibrium. A rightward shift of the demand curve would cause
A) an increase in price but a decrease in quantity. B) a decrease in price but an increase in quantity. C) an increase in both price and quantity. D) a decrease in both price and quantity.
Suppose the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units. In this example, the demand for beans is said to be
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) perfectly inelastic.
The Latin phrase "ceteris paribus" means
a. that one event causes another. b. that one event is associated with, but not caused by, another. c. that other potential causes are assumed to remain constant. d. the way things should be.