A increase in demand coupled with a simultaneous and bigger decrease in supply will cause equilibrium:
A. Price to go up and quantity to go down
B. Price to go up and quantity to go up
C. Price to go down and quantity to go down
D. Price to go down and quantity to go up
A. Price to go up and quantity to go down
Economics
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In one week Alice can produce 5 pairs of shoes or 4 bookshelves while Roger can produce 10 pairs of shoes or 6 bookshelves. Alice should specialize in the production of
A) shoes. B) bookshelves. C) either shoes or bookshelves. D) neither shoes nor bookshelves.
Economics
In a laissez-faire system, the price mechanism dictates the production planning decisions
a. True b. False Indicate whether the statement is true or false
Economics