Consider a market that is in equilibrium. If it experiences both a decrease in demand and a decrease in supply, what can be said of the new equilibrium? The equilibrium:
A. price and quantity will both fall.
B. quantity will definitely fall, while the equilibrium price cannot be predicted.
C. price will definitely fall, while the equilibrium quantity cannot be predicted.
D. price and quantity will both rise.
B. quantity will definitely fall, while the equilibrium price cannot be predicted.
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The United States Congress of Industrial Organizations was born as a result of all of the following except
a. minimum wage laws that brought increased competition to unionized workers b. the industrial growth brought about by technological change c. craft orientation being an impediment to further union growth d. the need for broader representation of workers with very different skills and occupations but belonging to a common industry e. the failure of craft unions to restructure its orientation according to the needs of industrial workers
Something other than exploiting cheap foreign labor must be driving international trade
a. True b. False Indicate whether the statement is true or false