A decrease in the equilibrium price for a product will result
A) when the quantity demanded for the product exceeds the quantity supplied.
B) when there is a decrease in supply and a decrease in demand for the product.
C) when there is an increase in supply and a decrease in demand for the product.
D) when there is a decrease in demand and a decrease in the number of firms producing the product.
Answer: C
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In the above figure, if the union has Q2 members and wants to ensure that all members have jobs, it will set wage equal to
A) W1. B) W2. C) W3. D) none of the above.
If coal and oil are substitute inputs in the production of electricity, an increase in the price of oil
a. will increase the demand for coal b. will reduce the demand for coal c. will increase the supply of coal d. will reduce the supply of coal e. will not affect the demand for coal
A monopoly market is characterized by a single seller of a product which has few, if any, suitable substitutes
a. True b. False Indicate whether the statement is true or false
An example of a poverty trap is:
A. the uneducated not knowing how to further develop their economy. B. those who do not have basic immunizations not being healthy enough to develop their economy. C. the malnourished not having enough energy to develop their economy. D. All of these are examples of poverty traps.