Assume the graph shown represents the market for bottles of wine and was originally in equilibrium with D and S. Something changes and demand shifts to D2. Which of the following is true?
A. Equilibrium price increased by $5.
B. Equilibrium quantity increased by 20.
C. Equilibrium price increased by $15.
D. Equilibrium quantity increased by 30.
AACSB: Analytical Thinking
A. Equilibrium price increased by $5.
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The firm's demand for labor curve is exactly the same as the:
a. wage rate. b. price of the output. c. MRP curve. d. MP curve. e. labor supply curve.
Which of the following demonstrates the law of demand?
a. After Jon got a raise at work, he bought more pretzels at $1.50 per pretzel than he did before his raise. b. Melissa buys fewer muffins at $0.75 per muffin than at $1 per muffin, other things equal. c. Dave buys more donuts at $0.25 per donut than at $0.50 per donut, other things equal. d. Kendra buys fewer Snickers at $0.60 per Snickers after the price of Milky Ways falls to $0.50 per Milky Way.