When supply rises and demand remains the same, equilibrium price ______ and equilibrium quantity ________.
Fill in the blank(s) with the appropriate word(s).
falls; rises
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The price effect refers to how changes in
A) price affect real income. B) price affect the quantity of a good consumed. C) income affect prices. D) preference affect prices.
Studies of the HPAE confirm the importance of savings and investment in increasing economic growth
Indicate whether the statement is true or false
If average fixed costs equal $60 and average total costs equal $120 when output is 100, the total variable cost must be:
a. $40. b. $60. c. $6,000. d. $8,000.
Casey earns $150 a week and consumes only fish and shrimp. The price of fish is $3 a pound and the price of shrimp is $5 a pound. Suppose the price of fish decreased to $1.50 a pound, and the price of shrimp remains $5 a pound. At Casey's original income of $150 per week, Casey can now buy a maximum of ________ pounds fish or a maximum of ________ pounds shrimp.
A. 100; 30 B. 10; 30 C. 30; 50 D. 30; 100