A decrease in price and an indeterminate change in quantity are consistent with a:
A. rightward shift in supply and a leftward shift in demand.
B. leftward shift in demand and no shift in supply.
C. leftward shift in supply and a rightward shift in demand.
D. leftward shift in supply and no shift in demand.
Answer: A
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Which, if any, of the following causes a country's reported GDP to be less than its total economic production?
A) the exclusion of household production B) the exclusion of government transfers C) the inclusion of government expenditures D) None of the above cause reported GDP to be less than total production.
In the above figure, the relationship between costs indicates that the distance between curves
A) A and B is equal to the fixed cost. B) A and B is equal to the variable cost. C) B and C is equal to the fixed cost. D) B and C is equal to the average total cost.
Since the National Basketball Association is the only significant employer of professional basketball players, it might be referred to as a(n)
A) oligopsony. B) monopoly. C) monopsony. D) oligopolist.
If the real exchange rate is greater than 1, then the
a. nominal exchange rate x U.S. price > foreign price. The dollars required to purchase a good in the U.S. would buy more then enough foreign currency to buy the same good overseas. b. nominal exchange rate x U.S. price > foreign price. The dollars required to purchase a good in the U.S. would not buy enough foreign currency to buy the same good overseas. c. nominal exchange rate x U.S. price < foreign price. The dollars required to purchase a good in the U.S. would buy more then enough foreign currency to buy the same good overseas. d. nominal exchange rate x U.S. price < foreign price. The dollars required to purchase a good in the U.S. would not buy enough foreign currency to buy the same good overseas.