When demand decreases, and price is the only reason for the decrease, what type of movement will the demand curve show?
A. a shift to the left
B. a shift to the right
C. along the curve to a higher quantity demanded
D. along the curve to a higher price
Answer: D. along the curve to a higher price
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In an English auction, ________ with each bid
A) the price of the good increases B) the price of the good decreases C) the quantity of the good being offered increases D) the quantity of the good being offered decreases
If strong aggregate demand is pushing the economy beyond potential real GDP, which of the following must be true?
A) Expansionary monetary policies will push the economy back to the long-run Phillips curve. B) The economy is at an equilibrium that is not on the long-run Phillips curve. C) The economy is at an equilibrium that is on the long-run aggregate supply curve. D) The economy is at an equilibrium that is on the long-run Phillips curve.