Which of the following would raise both the equilibrium price and the equilibrium quantity of strawberries?
a. A decrease in the demand for strawberries.
b. An increase in the demand for strawberries.
c. A decrease in the supply of strawberries.
d. An increase in the supply of strawberries.
b
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The cost of attending college
a. is entirely monetary and consists of expenditures on tuition, books, transportation, and meals b. is not monetary, but consists solely of forgone income c. is the most valued alternative given up to attend college d. is negligible for most people, because they really have no choice but to attend college e. is the same whether you attend a public or a private college
Classify the following goods into public goods, private goods, club goods, or common resources with suitable reasons
a. Congested roads b. Education provided by a university
If the aggregate supply curve is vertical, then the short-run Phillips curve will
A. be horizontal. B. also be vertical. C. slope upward. D. slope downward.
“Competition is the mechanism that brings order out of potential chaos in a price-directed economy.” Explain
Please provide the best answer for the statement.