If both market demand and supply increase simultaneously by the same magnitudes, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. Not change; decrease
b. increase; increase
c. increase; not change
d. None of the above are correct
c
You might also like to view...
Suppose the equilibrium price and quantity of ketchup fall. The most likely explanation for these changes is:
A. an increase in the supply of ketchup. B. a decrease in the demand for ketchup. C. an increase in the demand for ketchup. D. a decrease in the supply of ketchup.
Firms need to know the shape of a demand curve to use marginal analysis.
Answer the following statement true (T) or false (F)
Globalization is necessarily bad for U.S. workers
Indicate whether the statement is true or false
The World Trade Organization (WTO) promotes foreign trade and investment, or globalization. In recent years opposition to globalization has led to violent protests at meetings of the WTO. All of the following are reasons for these anti-globalization
protests except A) protestors believe the WTO favors the interests of high-income countries at the expense of lower-income countries. B) protesters believe that tariffs are needed to protect domestic firms from foreign competition. C) protesters believe that free trade destroys the distinctive cultures of many countries. D) protesters object to the loss of intellectual property (such as software programs and movies) that results from foreign trade and investment.