An increase in either supply or demand will shift the respective curve to the ___________. A decrease in supply or demand would shift the respective curve to the_______________. These are called changes in supply and demand. A movement along the demand curve is considered a change in QUANTITY demanded, while a movement along the supply curve is considered a change in QUANTITY supplied. These last changes are caused only by a change in _______
Fill in the blank(s) with the appropriate word(s).
Answer: right , left , price.
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A surplus exists
A) in equilibrium. B) when quantity supplied is greater than quantity demanded. C) when quantity supplied is less that quantity demanded. D) at the market clearing price.
In which year did Ireland's deficit to GDP ratio fall below -30 percent?
A. 2009 B. 2011 C. 2008 D. 2010
Which of the following outcomes is consistent with a purely competitive market in long-run equilibrium?
A. Consumer and producer surplus will be maximized. B. P = MC = lowest AVC. C. The minimum willingness to pay equals the maximum acceptable price. D. We would expect all of these to occur in the long run in a purely competitive market.
If a country has a balance of payments deficit and wishes to maintain the fixed value of its currency, it will generally
A. sell its own currency for foreign currencies. B. buy its own currency with foreign reserves. C. decrease taxes to increase domestic disposable income. D. increase the money supply to keep interest rates down.