An increase in demand and an increase in supply will lead to
A) unambiguous increases in both price and quantity.
B) unambiguous decreases in both price and quantity.
C) an unambiguous increase in quantity, but the effect on price is indeterminate.
D) an unambiguous increase in price, but the effect on quantity is indeterminate.
Answer: C
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A firm will hire additional units of any input up to the point where:
a. the marginal productivity of the input is maximized. b. the marginal cost of employing the input is minimized. c. the expense of employing the last unit is equal to the revenue brought in by the last unit. d. the revenue brought in by the input is maximized.
Costs that require a firm to spend money are considered:
A. fixed costs. B. variable costs. C. explicit costs. D. implicit costs.
If a fair coin is tossed, the probability of coming up with either a head or a tail is:
A. 1/2 or 50 percent. B. Unquantifiable. C. Zero. D. 1 or 100 percent.
The firm's short-run supply curve runs up the _______ curve beginning at the _________.
Fill in the blank(s) with the appropriate word(s).