If the demand for bicycles increases,
a. the quantity demanded decreases
b. equilibrium price increases and equilibrium quantity decreases
c. equilibrium price decreases and equilibrium quantity increases
d. quantity supplied increases
e. quantity supplied decreases
D
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Assumptions in models tend to make
A) the model predict what the scientist wants the results to be. B) the model more realistic. C) the model more applicable to specific circumstances. D) the model always predict the future accurately.
As a result of a tariff on an imported good,
a. domestic producers are better off because they sell more goods at the same price b. domestic producers are better off because they sell more goods at a higher price c. domestic producers are better off because they sell the same quantity of goods at a higher price d. domestic consumers are better off because there are more domestically produced goods available e. domestic consumers are neither better off nor worse off because imports do not change
Increasing aggregate demand with fiscal policy may have undesirable inflationary consequences
a. True b. False Indicate whether the statement is true or false
Give an example that demonstrates a change of price elasticity along a linear demand curve. Avoid using examples given in the text.
What will be an ideal response?