Consider the market for grapes. An increase in the wage paid to grape pickers will cause the
a. demand curve for grapes to shift to the right, resulting in a higher equilibrium price for grapes and a reduction in the quantity consumed.
b. demand curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and an increase in the quantity consumed.
c. supply curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and a decrease in the quantity consumed.
d. supply curve for grapes to shift to the left, resulting in a higher equilibrium price for grapes and a decrease in the quantity consumed.
D
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Which of the following is likely to be true when the economy is in a boom?
A) The inflation rate is negative. B) The size of government expenditure multiplier is small. C) The size of government expenditure multiplier is large. D) The unemployment rate is high.
"A reduction in gasoline prices caused the demand for gasoline to increase. The lower gas prices also led to an increase in demand for large cars, causing their prices to rise." These statements
What will be an ideal response?