In general, changes in the price level will change the:
A. real value of people's wealth and income.
B. nominal value of cash balances.
C. real value of consumption goods only.
D. nominal value of consumption goods and the real value of durable goods.
A. real value of people's wealth and income.
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The result of a binding price floor is:
a. quantity demanded at the price floor exceeds the amount at the equilibrium price, and quantity supplied is less than the amount at the equilibrium price. b. quantity supplied at the price floor exceeds the amount at the equilibrium price, and quantity demanded is less than the amount at the equilibrium price. c. quantity demanded and quantity supplied at the price floor are equal at the equilibrium price. d. quantity demanded at the price floor is less than the amount at the equilibrium price, and quantity supplied is also less than the amount at the equilibrium price.
If both supply and demand increase, then the change in equilibrium quantity is indeterminate
a. True b. False