If the demand for a product increases, then we would expect equilibrium price
a. to increase and equilibrium quantity to decrease.
b. to decrease and equilibrium quantity to increase.
c. and equilibrium quantity both to increase.
d. and equilibrium quantity both to decrease.
c
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Investment includes
A) the New York City Library's purchase of new books. B) Wal-Mart's purchase of health insurance for its workers. C) student purchases of laptops. D) GM's purchase of robotic machinery. E) wages paid to military personnel.
How did the international monetary system created at Bretton Woods in 1944 allow its members to reconcile their external commitments with their internal goals of full employment and price stability?
What will be an ideal response?
Cartel members have an incentive to cheat because
a. the cartel does not maximize profit b. the cartel price is the competitive price c. each member's output quota is more than the output it would produce as a non-cartel member d. each member's MR is greater than the cartel's MC e. industry economic profit would be higher under competitive conditions
In the long run, all firms in a perfectly competitive industry
A) earn economic profits. B) break even. C) suffer economic losses. D) sell differentiated products to earn economic profits.