?
In Exhibit 3-11, in Panel B the movement from point A to point C describes a(n):
A. increase in both demand and supply, where the increase in supply is relatively bigger.
B. decrease in both demand and supply, where the decrease in supply is relatively bigger.
C. increase in demand and a decrease in supply, where the decrease in supply is relatively bigger.
D. decrease in demand and increase in supply, where the increase in supply is relatively bigger.
Answer: D
You might also like to view...
The major disadvantage of commodity money is that
A) anybody can issue it and walk away. B) its value fluctuates with the scarcity of the commodity. C) it is subject to dollarization. D) the central bank cannot be prevented from issuing too much of it.
An indifference curve
A) connects a set of consumption bundles among which the consumer is indifferent. B) is only useful in analyzing apathetic consumers. C) connects a set of consumers who each have the same preferences. D) is only useful in microeconomics.