What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?? The equilibrium price of orange juice ?______ and the equilibrium quantity? ______.
Fill in the blank(s) with the appropriate word(s).
Ans:
When demand decreases and supply decreases?, the equilibrium quantity of theater tickets decreases and the equilibrium price of a theater ticket rises, falls, or remains the same.
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Which market adjusts the quickest in response to shocks to the economy?
A) The asset market B) The labor market C) The goods market D) The asset, labor, and goods markets adjust at about the same speed to eliminate a disequilibrium in the macroeconomy.
If the actual capital stock exceeds the desired capital stock due to a cycle of overbuilding, then
A) net investment will fall dramatically. B) net investment will increase dramatically. C) net investment will not change. D) the effect on net investment is unknown.
The aggregate demand is described graphically as a. sloping downward. b. a vertical line
c. a horizontal line. d. sloping upward.
Refer to Figure 8.9. At the market price of $18 per bushel, if this farmer produces 350 bales of hay, the total revenue would be A) $1,200. B) $2,800. C) $5,600. D) $6,300.