In recent years, the price of smartphones has fallen, while the quantity exchanged of smartphones has risen. We can conclude that this is most likely a result of
A) a decrease in supply while demand remained constant.
B) an increase in demand while supply remained constant.
C) an increase in demand that exceeded an increase in supply.
D) an increase in supply that exceeded an increase in demand.
D
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Explain what is meant by urban bias. What are the major effects of urban bias?
What will be an ideal response?
The potential output of an economy is: a. the output level at which inflation is very high
b. the output level at which nominal GDP is equal to real GDP. c. less than the full-employment rate of output. d. the output level at which total unemployment is zero. e. also referred to as the natural rate of output.
The slope of the budget constraint is determined by the
a. relative price of the goods measured on the axes. b. relative price of the goods measured on the axes and the consumer's income. c. endowment of productive resources. d. preferences of the consumer.
Consider the effect of each of the following on the unemployment? rate: a. The minimum wage law
What will be an ideal response?