Pizza and hamburgers are substitutes for consumers. A fall in the price of a pizza ________ the price of a hamburger and ________ the quantity of hamburgers

The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. As a result, there is a

A) shortage equal to 150,000 jackets. B) surplus equal to 150,000 jackets. C) surplus equal to 300,000 jackets. D) shortage equal to 250,000 jackets. E) shortage equal to 100,000 jackets.

During the 1970s, real shocks to the U.S. economy caused:

a. an increase in both aggregate demand and aggregate supply. b. an increase in both the price level and the unemployment rate. c. a leftward shift of the Phillips curve. d. a decline in inflation but higher unemployment. e. a decline in both the price level and the unemployment rate.