Downward shifts are
a. increases in both demand and supply
b. decreases in both demand and supply.
c. increases in demand and decreases in supply.
d. increases in supply and decreases in demand.
d
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A person quits her job in order to spend time looking for a better paying job. This is an example of
A) frictional unemployment. B) cyclical unemployment. C) seasonal unemployment. D) structural unemployment.
After a price ceiling of $8 is placed on the market in the graph shown, the total number of units traded:
A. falls by 8 relative to equilibrium.
B. falls by 15 relative to equilibrium.
C. falls by 23 relative to equilibrium.
D. increases by 15 relative to equilibrium.
If an individual's utility function is quasi-concave, his or her MRS will:
a. diminish as x is substituted for y. b. increase as x is substituted for y. c. be undefined except in special cases. d. always depend only on the ratio of x to y.
In a traditional economy, innovation is encouraged
a. True b. False Indicate whether the statement is true or false