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

Economics

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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)

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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

Economics

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.

Economics

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

Economics