Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease.
B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease.
C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will decrease.
D) the equilibrium price of DVD players will increase; the equilibrium quantity may increase or decrease.
A
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Suppose Congress passes a law that states the price of gasoline may not exceed $6 per gallon (but may be lower)
If the current price of gasoline is less than $6, what impact does this law have on the current price and quantity of gasoline in the US market? A) There is a shortage of gasoline B) There is a surplus of gasoline C) Quantity supplied currently equals quantity demanded, but a surplus is possible at prices above $6 D) The law currently has no impact, and the market clears at the equilibrium price
Affirmative action laws require employers to search for qualified minority applicants but not to necessarily give them jobs.
Answer the following statement true (T) or false (F)