If demand rises and supply rises, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
rise, fall, or stay the same; rises
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In January 2010, President Obama appointed which of the following to be chair of the Federal Reserve?
A) Greenspan B) Bernanke C) Geithner D) Trichet
A firm possesses too much capital if ________
A) the real rental cost of capital is equal to the marginal product of capital B) the real rental cost of capital is less than the marginal product of capital C) its investment spending exceeds its consumption outlays D) the real rental cost of capital is more than the marginal product of capital
Workers’ reluctance to take nominal pay cuts offers a feasible explanation of why the Phillips Curve relation breaks down when there is deflation.
a. true b. false
A fall in the price of milk, used in the production of ice cream, will:
a. Decrease the supply of ice cream, causing the supply curve of ice cream to shift to the left b. Have no effect on the supply of ice cream c. Cause a downward movement along the supply curve of ice cream d. Increase the supply of ice cream, causing the supply curve of ice cream to shift to the right