Holding supply constant, an increase in demand leads to
A) lower prices and higher quantity supplied.
B) lower prices and lower quantity supplied.
C) higher prices and higher quantity supplied.
D) higher prices and lower quantity supplied.
Answer: C
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A common resource is used efficiently if
A) the output is maximized. B) marginal social benefit equals marginal social cost. C) marginal private benefit equals marginal private cost. D) marginal social benefit is maximized.
Critically evaluate the following statement: "People in developing countries are not poor because they have large families. Rather, they have large families because they are poor."
What will be an ideal response?
In a given year, U.S. nominal GDP was $527 billion and the GDP chain price index for that year is 23.3 . Real GDP in 1996 dollars is:
a. $1,228 billion. b. $2,262 billion. c. $3,000 billion. d. $3,262 billion.
Which of the following groups are most likely to oppose a balanced federal budget?
a. politicians b. economists c. economists and politicians d. households and politicians