If the price of a product increases, we would expect:
a. Quantity supplied to increase
b. Quantity demanded to increase
c. Demand to decrease
d. Supply to decrease
a. Quantity supplied to increase
You might also like to view...
The unemployment rate tells us
A) the fraction of people who want to be working but are not. B) the fraction of people who are not working and do not want to be working. C) the fraction of people who are not working and have quit looking for jobs. D) all of the above
All of the following policies are ways for a country to promote long-run economic growth except
A) imposing stricter regulations to limit foreign direct investment. B) undergoing political reform to decrease corruption. C) enacting stronger laws to protect property rights. D) increasing vaccinations against infectious diseases.
Economics is often described as a science of constrained choice. How do you justify this argument?
What will be an ideal response?
If an automobile manufacturer has an agreement with its air bag supplier, this is an example of a ________ agreement.
A) rightward B) vertical C) horizontal D) leftward