Suppose that the demand curve for apples is downward sloping and the price per bushel increases from $6.50 to $7.50. We would then expect
A) the demand for apples to decrease.
B) the quantity of apples demanded to fall.
C) the demand curve to shift toward the origin.
D) the quantity of apples demanded to increase.
B
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Many economists ________ protectionism because it ________ consumers and ________ jobs in domestic industries that use protected products
A) support; benefits; creates B) criticize; unfairly rewards; relocates C) criticize; causes losses to; eliminates D) support; lowers prices for; raises wages for
If the cost of producing a good rises for sellers, then how will this affect the market equilibrium for that good? a. Price will rise and quantity will fall. b. Price will fall and quantity will rise. c. Price and quantity will both rise
d. Price and quantity will both fall.
When the CPI increases from one year to the next:
A. inflation has occurred. B. deflation has occurred. C. there has not been a change in the overall price level. D. the impact to the general standard of living is hard to measure.
A beneficial supply shock such as a breakthrough in technology _____
Fill in the blank(s) with the appropriate word(s).