If American consumers decided to boycott grapes to protest working conditions of farm workers, everything else being equal, the:
a. price of grapes will rise
b. supply of grapes will fall.
c. quantity of grapes supplied will fall.
d. demand curve for grapes shifts to the right.
c
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Real GDP measures the value of goods and services produced in a given year using
A) base year prices. B) prices of that same year. C) future prices. D) no prices. E) government approved prices.
Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts more than the demand 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 increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.