If tastes for a good increased and the price of a substitute good increased at the same time, as a result:
a. prices would rise
b. prices would fall.
c. larger quantities to be exchanged.
d. Both a. and c. would occur.
d
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Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and a decrease in quantity demanded are represented by a movement from
A) point c to point a. B) point c to point d. C) point b to point c. D) point a to point d.
When we study macroeconomics,
a. we model tens of thousands of individual supply and demand curves b. we determine thousands of prices and quantities c. we employ aggregation to reduce the number of markets we need to understand d. we add up all the demand and supply curves that are obtained in microeconomics e. we add up the prices of all goods and services produced in the economy
Sally leaves her $24,000 secretarial position with a company and invests her savings of $15,000 (on which she was earning 6 percent interest) in her own Ready Sec agency. After expenses, her net income was $28,900 . Her economic profit was
a. $4,900. b. $4,000. c. $28,900. d. ?$10,100.
The difference between the value of goods exported and imported is the:
A. financial and capital account balance. B. current account balance. C. government financial balance. D. balance of merchandise trade.