If demand rises and supply falls, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
rise; rise, fall or stay the same
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In the early 1900s, the Homestead Act
a. was modified to allow settlers to obtain larger, more practical-sized farms. b. was repealed by Congress. c. was amended to reduce the size of a homestead from 160 acres to 80 acres. d. was amended to increase the residency requirement to 10 years.
The aggregate demand curve slopes downward because of the real balances, interest-rate, and net exports effects
a. True b. False Indicate whether the statement is true or false
If the rate of interest is fixed, the MFC of capital is equal to the interest rate
Indicate whether the statement is true or false
Average fixed costs
A. provide a per unit measure of costs. B. fall as output rises. C. reach their minimum at the output level where the average fixed cost curve is intersected by the marginal cost curve. D. are the costs associated with producing an additional unit of output.