If the cost of producing a good rises for sellers, then how will this affect the market equilibrium for that good?
a. Price will rise and quantity will fall.
b. Price and quantity will both rise.
c. Price and quantity will both fall.
d. Price will fall and quantity will rise.
a
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A shortage occurs whenever
a. quantity demanded exceeds quantity supplied at the equilibrium price b. price is less than equilibrium price c. quantity demanded is less than quantity supplied d. goods are scarce e. some of the people who need the product are not willing and able to buy it at the equilibrium price
Those who favor a passive approach to policy believe that:
a. discretionary monetary policy can be used to help the economy since monetary policy lags are short b. discretionary fiscal policy can be used to help the economy since fiscal policy lags are short. c. lags associated with implementing policies are too long and unstable for discretionary policy to be effective. d. despite the lags involved, implementing discretionary policy is preferable to inaction. e. automatic stabilizers cannot be used to help the economy since monetary policy lags are short.
Many economists believe that skill-biased technical change has increased the incomes of both highly skilled workers and low-skill workers
a. True b. False Indicate whether the statement is true or false
An increase in the price of maple syrup will decrease both the equilibrium price and quantity in the market for pancakes
a. True b. False Indicate whether the statement is true or false