The price of services at Urban General falls by 10 percent
a. Quantity demanded at Urban General increases by 15.0 percent.
b. Quantity demanded at Urban General increases by 1.5 percent.
c. Quantity demanded at St.Elsewhere rises by 3.5 percent.
d. Quantity demanded at St.Elsewhere falls by 5.0 percent.
e. Quantity demanded at Urban General rises by 5.0 percent.
B
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The loan market is in equilibrium. If the demand for land decreases, the rental rate of land ________
A) might rise or fall B) rises C) falls D) remains unchanged
Assume there is a surplus in the market for hybrid automobiles. Which of the following statements correctly describes this situation?
A) The price of hybrid automobiles will fall in response to the surplus; as the price falls the quantity demanded will increase and the quantity supplied will decrease. B) Some consumers will be unable to obtain hybrid automobiles at the market price and will have an incentive to offer to buy the product at a higher price. C) The supply of hybrid automobiles is greater than the demand for hybrid automobiles. D) The surplus will cause an increase in the equilibrium price of hybrid automobiles.