If the number of sellers decreases, then the supply curve ________ and the supply ________
A) shifts rightward; increases
B) shifts leftward; decreases
C) does not shift; does not change, but there is a decrease in the quantity supplied
D) shifts leftward; increases
E) shifts rightward; decreases
B
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If the consumer's income and all prices simultaneously double, then the optimum consumption bundle will
a. shift outward relative to the original optimum. b. move leftward along the original budget constraint. c. not change. d. shift inward relative to the original optimum.
Which of the following would transfer wealth from old to young?
a. Increases in the budget deficit. b. Decreased building of highways and bridges. c. More generous education subsidies. d. Indexation of Social Security benefits to inflation.
President Nixon once proclaimed that he followed the __________ school of economics.
Fill in the blank(s) with the appropriate word(s).
Suppose that the percentage change in supply is 20%, the price elasticity of demand is 3, and the price elasticity of supply is 2. What is the percentage change in the equilibrium price?
A. 4% B. 5% C. 15% D. 20%