In the 1990s, many people had rising incomes. At the same time, there was a rise in the cost of lumber. This would cause the demand for houses to _________ and the supply for houses to_________
a. Increase, increase
b. Increase, decrease
c. Decrease, increase
d. Decrease, decrease
b
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In which set of market models are there the most significant barriers to entry?
A. monopolistic competition and pure competition B. monopolistic competition and pure monopoly C. oligopoly and pure monopoly D. oligopoly and monopolistic competition
One of the functions of deliberation councils is to
A) coordinate foreign investment from different countries. B) set educational policy for universities and colleges. C) coordinate government policy and private investment. D) broaden the economies base of exports. E) ensure stability in the country's fiscal and monetary policies.
Which of the following explains why economic choices must be made?
A. The factors of production are scarce. B. The factors of production are expensive. C. The factors of production are used inefficiently. D. The factors of production are of inferior quality.
Compared with the market clearing price of a health care service covered by Medicare, the Medicare program pays a ________ price to health care providers and charges a ________ price to consumers
A) lower, lower B) lower, higher C) higher, lower D) higher, higher