When demand falls and supply rises, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
fall; rise, fall, or stay the same
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If you observed that the both the wage rate and employment increased, which of the following would be a possible explanation?
a. A decrease in labor demand b. An increase in labor demand that outpaced an increase in labor supply c. A decrease in labor demand coupled with an increase in labor supply d. A decrease in labor supply e. An increase in labor supply that outpaced an increase in labor demand
The enormous budget deficits of 2009 through 2011 meant that the federal government was borrowing upwards of $1.5 trillion per year. If that borrowing had limited the ability of the private sector to get financial capital for its purposes, economists would call this crowding out. There was
A. significant evidence this was a problem because interest rates were very low. B. little evidence this was a problem because interest rates were very low. C. significant evidence this was a problem because interest rates were very high. D. little evidence this was a problem because interest rates were very high.
A nondiscriminating profit-maximizing monopolist:
A. will never produce in the output range where marginal revenue is positive. B. will never produce in the output range where demand is inelastic. C. will never produce in the output range where demand is elastic. D. may produce where demand is either elastic or inelastic, depending on the level of production costs.
Under rate-of-return regulation, natural monopolies must use
A) marginal cost pricing. B) average cost pricing. C) efficient pricing. D) monopoly pricing.