Assume in a competitive market that price is initially above the equilibrium level. We can predict that price will:
A. decrease, quantity demanded will decrease, and quantity supplied will increase.
B. decrease and quantity demanded and quantity supplied will both decrease.
C. decrease, quantity demanded will increase, and quantity supplied will decrease.
D. increase, quantity demanded will decrease, and quantity supplied will increase.
Answer: C
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Increases in productivity due to changes in technological capacity could be best represented by:
a. Outward shift in the demand curve b. Outward shift in the supply curvec Outward shift in both the demand and supply curves d. Inward shift in the supply curve
The entry of baby boomers into the labor force and increased labor force participation of women
A. Decreased the employment rate and caused per capita GDP to fall. B. Increased the employment rate and caused per capita GDP to fall. C. Decreased the employment rate and caused per capita GDP to rise. D. Increased the employment rate and caused per capita GDP to rise.