Refer to Figure 5-3. If consumers paid the full price of medical services, the equilibrium quantity would be

If a tax is levied on the sellers of a product, then there will be a(n)

a. downward shift of the demand curve. b. upward shift of the demand curve. c. decrease in quantity demanded. d. increase in quantity demanded.

A year-long drought that destroys most of the summer's crops would be considered a:

A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.