If supply increases, the equilibrium price will rise and the equilibrium quantity will fall.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Which of the following does not impact aggregate demand in the Keynesian model?
a. Changes in the supply of labor b. Net exports c. Household consumption d. Desired business investment demand e. Government purchases of goods and services
Who made these statements? "Conspicuous consumption of valuable goods is a means of reputability to the gentlemen of leisure." "With the exception of the instinct of self-preservation, the propensity for emulation is probably the strongest and most alert and most persistent of the economic motives proper".
A. John Maynard Keynes B. Milton Friedman C. Murray Weidenbaum D. Thorstein Veblen
Economists use the notation Q = f(L,K) to describe:
a) the financial relationship between the inputs that a firm uses and the outputs that it produces. b) the level of output (Q) required to fully employ labour (L) and capital (K). c) the flow of labour (L) and capital (K) services that are available when output is (Q). d) the arithmetic relationship between the outputs that a firm uses and the inputs that it produces. e) the technological relationship between the inputs that a firm uses and the outputs that it produces.
Suppose that ten years ago the dollar would buy 162 Japanese yen, but now the dollar will buy only 123 yen. Relative to the yen, over the past ten years the value of the dollar ________.
A. increased by about 24% B. increased by about 32% C. decreased by about 24% D. decreased by about 32%