Refer to the data. Suppose quantity demanded increased by 12 units at each price, changing the equilibrium price in a direction and an amount for you to determine. Over that price range, supply is
What will be an ideal response?
inelastic
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Utility is
A) the consumption of a quasi-public good like electricity or natural gas. B) easily measured in units called utils. C) the production of a quasi-public good like electricity or natural gas. D) subjective and difficult to measure.
Plumbers and carpenters are examples of industrial unions
a. True b. False
Which of the following has proved to be spectacularly false, at least recently?
A. As an expansion proceeds, people will hold no more cash. B. As an expansion proceeds, banks will hold no more excess reserves. C. The oversimplified money multiplier formula is predicated on two critical assumptions. D. All of the above are false.
Figure 3.6 illustrates a set of supply and demand curves for hamburgers. A decrease in demand and a decrease in quantity supplied are represented by a movement from:
A. point c to point a. B. point a to point c. C. point b to point c. D. point d to point b.