Suppose that demand for portable power banks increases, and simultaneously, the supply of portable power banks increases. Which of the following would you conclude definitely will occur in the market for portable power banks?
A) The market clearing price will rise.
B) The market clearing price will fall.
C) The equilibrium quantity will rise.
D) The equilibrium quantity will fall.
Answer: C
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The U.S. employment-to-population ratio peaked in 2000 and in 2012 fell to 58 percent, a level not seen since the early 1980s. This fall in the employment-to-population ratio ________ the equilibrium quantity of labor and ________ potential GDP
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Each year, the United States exports about 50 percent of its wheat crop
Indicate whether the statement is true or false
Sound business decision making requires a firm understanding of both microeconomic and macroeconomic concepts
Indicate whether the statement is true or false
According to the principle of comparative advantage, total output and consumption levels will be highest when goods are produced in nations according to which of the following conditions?
a. Opportunity costs are lowest. b. Absolute advantages are highest. c. Opportunity costs are equal. d. Absolute advantages are lowest.