Refer to the accompanying figure. Assume the market is originally at point W. Movement to point Y is the result of:
A. a decrease in supply and an increase in quantity demanded.
B. an increase in supply and an increase in demand.
C. an increase in demand and an increase in quantity supplied.
D. an increase in supply and an increase in quantity demanded.
Answer: D
Economics
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In the table above, what inflation rate belongs in space E?
A) 17.0 percent B) 6.8 percent C) 8.3 percent D) 15.4 percent
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According to theory, where is the right price determined?
A) where average cost equals marginal cost. B) where marginal revenue equals marginal cost. C) where total revenue equals total cost. D) where there is a markup of 300 percent.
Economics