A decrease in supply will have what effect on equilibrium price and quantity?
a. Price will increase; quantity will decrease.
b. Price will decrease; quantity will increase.
c. Both price and quantity will increase.
d. Both price and quantity will decrease.
a
You might also like to view...
Over the last 30 years, the income gap between the rich and the poor has declined.
Answer the following statement true (T) or false (F)
Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000. What is her accounting profit?
A) $12,000 B) $56,000 C) $86,000 D) $98,000
An increase in quantity demanded is represented by
a. a shift outward of the entire demand curve. b. a shift inward of the entire demand curve. c. a movement along the demand curve in a southeasterly direction in response to a decline in the good's price. d. a movement along the demand curve in a northwesterly direction in response to a decline in the good's price.
The current account balance tabulates the value of a country's exports of goods and services minus the value of its imports of goods and services
a. True b. False Indicate whether the statement is true or false