We can be sure that the equilibrium price will fall when:
a. supply and demand both increase
b. supply and demand both decrease.
c. supply increases and demand decreases.
d. supply decreases and demand increases.
c
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What matters to people is the face value of money or income
Indicate whether the statement is true or false
A natural resource, such as fishing territories, is considered an example of
A) both land and labor. B) land, labor, capital and entrepreneurship. C) land only. D) only capital.
Marginal utility theory concludes that a decrease in the price of a good increases the quantity demanded and
A) increases the demand for substitutes. B) decreases the demand for complements. C) increases the total expenditure on the good. D) increases total utility.
Economists often analyze the interaction of individuals and firms in markets
Economists also examine the actions of individuals and firms as they attempt to use government to make themselves better off at the expense of others, a process that is referred to as A) the public choice initiative. B) rent seeking. C) logrolling. D) government failure.