The local board of ____________ usually sponsors and maintains a multiple listing service (MLS).
Fill in the blank(s) with the appropriate word(s).
Ans: realtors
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All else equal, a decrease in the demand for oranges will lead to a(n) ________ in equilibrium price and a(n) ________ in equilibrium quantity.
A. decrease; decrease B. increase; decrease C. decrease; increase D. increase; increase
When any effort by government causes the supply of a good to rise, what happens to the supply curve for that good?
(A) The supply curve is not affected. (B) It shifts to the right. (C) It shifts to the left. (D) It reverses direction.
If consumer incomes increase, the demand for product X:
A. will necessarily remain unchanged. B. may shift either to the right or left. C. will necessarily shift to the right. D. will necessarily shift to the left.
If the percentage change in price is 10 and the percentage change in quantity supplied is 10, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.