A decrease in supply and an increase in demand cause which of the following?
a. Equilibrium price change is indeterminate.
b. Equilibrium quantity decreases.
c. Equilibrium price falls.
d. Equilibrium quantity rises.
e. Equilibrium quantity change is indeterminate.
E
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The demographers predict that the worldwide total fertility rate will decline to one birth per woman per lifetime. If this happens, then:
A. Each generation will be one-fourth as large as the previous one B. Each generation will be half as large as the previous one C. Each generation will be as large as the previous one D. Each generation will be one half larger than the previous
If an individual consumer is willing to pay $11 for one unit of a good but is able to purchase it for $7, then his or her consumer surplus from the purchase of that unit would be:
A. $4. B. $7. C. $11. D. $18.