Which of the following is an accurate statement concerning effects on the supply curve?
a. Few events will affect the supply curve but not the demand curve.
b. Few events will affect the equilibrium curve but not the supply curve.
c. Many events will affect the supply curve but not the demand curve.
d. Many events will affect the supply curve but not the equilibrium curve.
c. Many events will affect the supply curve but not the demand curve.
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Which of the following leads to an increase in real GDP?
A) a decrease in the inflation rate in other countries relative to the inflation rate in the United States B) a decrease in interest rates C) a decrease in government spending D) Households have increasingly pessimistic expectations about future income.
The fact that price and quantity demanded are related negatively illustrates the:
a. law of supply. b. law of quantity supply. c. law of demand. d. law of quantity demanded. e. point that some facts are unobservable.