If supply and demand both decrease, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

Starting from a situation of full employment, an increase in aggregate demand creates ________ and ________ the price level

A) an inflationary gap; raises B) a recessionary gap; lowers C) a recessionary gap; raises D) a recessionary gap; does not change E) an inflationary gap; lowers

Private goods are ________

A) excludable but non-rival in consumption B) non-excludable and non-rival in consumption C) non-excludable but rival in consumption D) excludable and rival in consumption