In the figure above, real income in terms of bags of corn chips is shown by point

Assume that the supply curve for a commodity shifts to the right and the demand curve shifts to the left, both by the same degree. Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by:

A) a lower price and quantity. B) a higher price and quantity. C) a lower price and the same quantity. D) a higher price and the same quantity.

At the end of an expansion, wages of workers are usually rising faster than prices

Indicate whether the statement is true or false