In recent years, the world demand curve for copper shifted rightward due to continued economic growth in China and other emerging economies. Also, the costs of extracting the copper increased due to higher energy prices. As a result, we observed:
A) higher equilibrium copper prices and unambiguously lower quantities.
B) higher equilibrium copper prices and unambiguously higher quantities.
C) higher equilibrium copper prices and either higher or lower quantities.
D) lower equilibrium copper prices and either higher or lower quantities.
C
Economics
You might also like to view...
If a nonbinding price ceiling is imposed on a market, then the
A. price in the market will decrease. B. price in the market will increase C. quantity sold in the market will stay the same. D. quantity sold in the market will decrease.
Economics
The GDP deflator is equal to
A) nominal GDP divided by real GDP. B) real GDP divided by nominal GDP, multiplied by 100. C) real GDP divided by nominal GDP. D) nominal GDP divided by real GDP, multiplied by 100.
Economics