If the demand for a good increased, what would be the effect on the equilibrium price and quantity?
a. Price would increase, and quantity would decrease.
b. Price would decrease, and quantity would decrease.
c. Price would increase, and quantity would increase.
d. Price would decrease, and quantity would increase.
C
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The aggregate demand curve will shift to the right ________ the initial increase in government purchases
A) by less than B) by more than C) by the same amount as D) sometimes by more than and other times by less than
The more elastic the supply of a resource,
a. the greater is economic rent as a proportion of total earnings b. the greater is opportunity cost as a proportion of total earnings c. the fewer alternative uses the resource has d. the greater the derived demand for the resource e. the lower the derived demand for the resource