Assume that the supply curve for a commodity shifts to the right and the demand curve shifts to the left, and the shift in demand is greater than the shift in supply
Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and a higher quantity. B) the same price and a lower quantity.
C) a higher price and a lower quantity. D) a lower price and quantity.
D
Economics
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When the price of running shoes goes from $100 to $80, the quantity demanded increases from 20 to 30 million. Over this price range, the absolute value of the price elasticity of demand is
a. 0.55. b. 1. c. 1.25. d. 1.80. e. 2.50.
Economics
In recent years, the U.S. labor force has experienced
a. an increase in the percentage of manufacturing workers. b. an increase in the percentage of older workers. c. an increase in the percentage of females. d. an increase in the percentage of unskilled workers.
Economics