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. increase; decrease
B. decrease; decrease
C. increase; increase
D. decrease; increase
Answer: B
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The BLS count Jody as being unemployed if she _______
A. had a job last month but not this month B. doesn't have a job because the U.S. factory where she worked cannot compete with cheap Chinese imports C. wants a job and looked for a job last year but has now stopped looking D. wants a job and is willing to take a job but after searching last week cannot find a job
If all of the following examples are inelastic, which one will most likely have a decrease of revenue?
a. The price of cameras rises. b. The price of milk falls. c. The quantity supplied of lipstick declines. d. The quantity supplied of perfume remains constant.
The business cycle consists of several stages or phases. Which is the accurate sequence?
A. Recession, recovery, trough B. Recession, peak, recovery C. Recession, peak, trough D. Recession, recovery, peak E. Recession, trough, recovery
If American demand for purchases of Mexican goods has increased, how would you expect the equilibrium exchange rate in the market for dollars to respond? Support your answer graphically
What will be an ideal response?