When supply and demand both increase, the
A) quantity definitely decreases.
B) quantity definitely increases.
C) price definitely increases.
D) price definitely decreases.
B
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A perfectly competitive firm is a “price maker.”
Answer the following statement true (T) or false (F)
In the market for land as a resource, the demand curve is elastic while the supply curve is perfectly inelastic. Identify the underlying assumption
a. There are limited ways in which land can be used as a resource. b. Land as an input has large number of substitutes. c. There is a fixed supply of land. d. Land includes all immovable assets. e. The productivity of land improves over time.
During the Great Depression in the 1930s the banking industry was crippled so badly that nearly _____ of the banks failed.
A. 50% B. 20% C. 25% D. 33%
Cyclical unemployment refers to
a. the portion of unemployment created by job search. b. short-run fluctuations around the natural rate of unemployment. c. changes in unemployment due to changes in the natural rate of unemployment. d. the portion of unemployment created by wages set above the equilibrium level.