The more substitutes that are available for a product, the more elastic the demand for that product is.

Which of the following is likely to result in a lower equilibrium price? a. An increase in both demand and supply

b. A decrease in both demand and supply. c. An increase in demand and a decrease in supply. d. A decrease in demand and an increase in supply.

In which of the following situations for a mixed open economy will the level of GDP expand?

A. When I g + X + G exceeds S a + M + T. B. When S a + T + M exceeds I g + G + X. C. When GDP exceeds C a + I g + G + X n . D. When I g + M + T exceeds C a + X + S.