If both the supply and demand curves shift to the left, then we can conclude that there will be
A. an increase in the equilibrium quantity sold.
B. a decrease in the equilibrium quantity sold.
C. an increase in the equilibrium price.
D. a decrease in the equilibrium price.
Answer: B
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Which of the following is NOT one of the functions of money?
A) protection from increases in prices of goods and services B) store of value C) medium of exchange D) unit of accounting
Monetarists believe that
a. velocity is independent of the money supply b. the transactions demand for money influences the velocity of money c. the economy does not always operate at full employment d. velocity is constant if the money supply is constant e. velocity varies directly with the money supply
The supply curve represents the relationship between:
A. income and quantity supplied with everything else held constant. B. price and quantity supplied with everything else held constant. C. consumer preferences and quantity supplied with everything else held constant. D. income and price supplied with everything else held constant.
Seasonally adjusted unemployment rates:
A. adjust for the predictable summer increase in the unemployment rate for teenagers. B. adjust for the predictable summer decrease in the unemployment rate for teenagers. C. are the same as the unadjusted rates in periods of bad weather. D. are not calculated for the U.S. economy.