If the supply of a product increases, then we would expect equilibrium price
a. to increase and equilibrium quantity to decrease.
b. to decrease and equilibrium quantity to increase.
c. and equilibrium quantity to both increase.
d. and equilibrium quantity to both decrease.
b
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Leaving the labor force or finding a job are two ways that:
A. an unemployment spell can begin. B. a person can become an involuntary part-time worker. C. a person can become a discouraged worker. D. an unemployment spell can end.
If the equilibrium quantity of a good is also the socially optimal quantity, then:
A. total economic surplus has been maximized. B. the marginal cost to producers of another unit of the good is zero. C. it's possible to make at least one person better off without hurting anyone else. D. the marginal benefit to consumers of another unit of the good is zero.