If demand increases and supply decreases, the change in the equilibrium price will be ________, and the change in the equilibrium quantity will be ________.
A. positive; negative
B. positive; positive
C. uncertain; positive
D. positive; uncertain
Answer: D
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"Granger laws" were early efforts by states to regulate the railroads and were
a. were severely limited in scope through litigation, b. generally outlawed both place and person discrimination, c. established commissions with the power to investigate complaints d. All of the above
In the long run, a firm can choose
A) to operate at any point on only one short-run average total cost curve. B) to operate along any short-run average total cost curves. C) to operate along any short-run average variable cost curves. D) to operate along any point of its short-run marginal cost curves.
The knowledge and skills possessed by the workforce is known as
A. Human finance. B. Human capital. C. The inequality trap. D. Investment capital.
If the inflation rate is 10 percent and the real interest rate is 12 percent, the nominal interest rate is:
A. 2 percent. B. zero percent. C. 10 percent. D. 22 percent.