In the U.S. economy, foreigners participate in:
A.) The factor market only.
B.) The product market only.
C.) Both the product and factor markets.
D.) Foreigners do not participate in the U.S. economy.
C.) Both the product and factor markets.
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Use the figure below to answer the following question.
The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. In the immediate period, the increase in demand will
A. increase equilibrium quantity but not equilibrium price. B. increase equilibrium price but not equilibrium quantity. C. increase both equilibrium price and quantity. D. have no effect on either equilibrium price or quantity.
Deb's income has just risen from $950 per week to $1,050 per week. As a result, she decides to increase the number of movies she attends each month by 5 percent. Her demand for movies is
A) represented by a vertical line. B) represented by a horizontal line. C) income elastic. D) income inelastic.
Elasticity measures
A) the slope of a demand curve. B) the inverse of the slope of a demand curve. C) the percentage change in one variable in response to a one percent increase in another variable. D) sensitivity of price to a change in quantity.
When supply rises and demand remains the same, equilibrium price ______ and equilibrium quantity ________.
Fill in the blank(s) with the appropriate word(s).