In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is a normal good
a. The price of inputs decrease
b. The price of a complement increases
c. The number of producers in the market increases
d. Income increases
e. The price of a substitute in production increases
a. Price decreases; Quantity increases
b. Price decreases; Quantity decreases
c. Price decreases; Quantity increases
d. Price increases; Quantity increases
e. Price increases; Quantity decreases
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In the U.S. in 2012 the poverty level for a family of four was about
A) $23,000. B) $34,000. C) $10,000. D) $15,000.
One effect of the work requirements of welfare reform has been
a. to make the demand curve for welfare upward sloping b. to lower the "price" of welfare to recipients c. to make the supply curve of welfare upward sloping d. to reduce the amount of hassle involved with going on welfare e. to raise the "price" of welfare to the recipients