A decrease (leftward shift) in the supply for a good will tend to cause
a. an increase in the equilibrium price and quantity
b. a decrease in the equilibrium price and quantity
c. an increase in the equilibrium price and a decrease in the equilibrium quantity
d. a decrease in the equilibrium price and an increase in the equilibrium quantity
e. none of the above.
c. an increase in the equilibrium price and a decrease in the equilibrium quantity.
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Answer the next question on the basis of the following data.OutputTotal Cost0$24133241348454561669The average fixed cost of producing 3 units of output is
A. $6.00. B. $7.40. C. $8.00. D. $5.50.
An open market sale by the Fed causes the value of the dollar to
A) fall, increasing net exports. B) rise, reducing net exports. C) fall, reducing net exports. D) rise, increasing net exports.
Which of the following would create a natural monopoly?
A) ownership of all the available units of a necessary input B) an exclusive right granted to supply a good or service C) requirement of a government license before the firm can sell the good or service D) technology enabling a single firm to produce at a lower average total cost than two or more firms E) a patent granted the producer of the good or service
In the equation of exchange, "Q" stands for
A) the interest rate. B) quality. C) GDP. D) Real GDP.