Which of the following would tend to decrease the demand for carpenters?
a. An increase in the wages of carpenters.
b. An increase in the price of houses.
c. A decrease in the demand for houses.
d. An increase in the supply of carpenters.
C
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A pest attack destroys half of the California navel orange crop. Simultaneously, the price of kiwi fruit, a substitute for navel oranges, falls. How would you expect these two events to affect the equilibrium in the California navel orange market?
a. The demand for navel oranges would decrease but the supply would remain unchanged, resulting in a lower market equilibrium price and quantity. b. The supply would decrease and the demand would increase, resulting in a higher market equilibrium price and an indeterminate change in market equilibrium quantity. c. Both supply and demand would decrease, resulting in a decrease in equilibrium quantity and an indeterminate change in price. d. Both supply and demand would increase, resulting in an increase in equilibrium quantity and an indeterminate change in price.
A period of expansion in the business cycle ends when
A) real GDP is equal to potential GDP. B) the business cycle reaches its peak. C) the business cycle reaches its trough. D) real GDP is less than potential GDP.