Say that the equilibrium price rose and equilibrium quantity fell. What would you say was the most likely cause?
There was (a) a decrease (b) a increase (c) no change in demand and (a) a decreae (b) a increase (c) no change in supply.
Say that the equilibrium price rose and equilibrium quantity fell. What would you say was the most likely cause?
There was (a) a decrease (b) a increase (c) no change in demand and (a) a decreae (b) a increase (c) no change in supply.
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Related questions
1. A change in quantity supplied:
A. refers to a shift in the supply curve.
B. results from a change in a determinant of supply.
C. refers to a movement along a given supply curve.
D. is caused by a change in the number of sellers in the industry.
2. Which one of the following would most likely cause the supply curve for microwaves to shift to the right:
A. a decrease in the price of microwaves.
B. an increase in the wage rate earned by workers who produce microwaves.
C. a decrease in consumer preferences for microwaves.
D. an increase in the number of firms that produce microwaves
3. If the actual price sellers are pricing their goods at is currently above the equilibrium price. There is a ____________. Therefore, we would expect sellers to ____________ the price until the market reaches equilibrium.
| A. |
surplus; raise |
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| B. |
surplus; lower |
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| C. |
shortage; raise |
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D. shortage; lower 4. Suppose the demand and the supply of wine both increase. The net effect of these changes in demand and supply will be
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