What happens when demand increases and supply does not change
What will be an ideal response?
demand curve shifts to the right, so equilibrium price and equilibrium quantuty increase
Economics
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The firm's gain in profit from hiring another worker is
A) the marginal revenue product of the extra worker. B) the extra output of the extra worker. C) the reduction in costs from hiring another worker. D) the difference between marginal revenue product and the wage of the worker.
Economics
The period when output and living standards decline is referred to as:
A. Inflation B. Economic decline C. An inventory downturn D. A recession
Economics