Suppose the demand curve for medical care services is perfectly inelastic. What will happen to the equilibrium price and quantity if supply increases?
a. Price will fall and quantity will increase.
b. Price and quantity will fall.
c. Price will fall and quantity will stay the same.
d. Price and quantity will rise.
e. Price will stay the same and quantity will rise.
c. Price will fall and quantity will stay the same.
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Which of the following is not included in the investment category under the expenditure approach to GDP accounting?
a. newly constructed residential housing b. factory buildings c. stocks and bonds d. additions to inventory
For the monopolistic competitor, MR = P
a. True b. False Indicate whether the statement is true or false
In economic analysis, people's resources are
A) limited and their wants are unlimited. B) unlimited and their wants are also unlimited. C) limited and their wants are also limited. D) unlimited and their wants are limited.
What is needed to create a supply schedule for a fruit smoothie shop?
(A) A supply curve and the price other shops are charging. (B) The number of other shops producing smoothies. (C) The price charged and the number of smoothies supplied. (D) All of the above.