A simultaneous increase in demand and decrease in supply would lead to:
a. An increase in the equilibrium price and a decrease in the quantity sold
b. An increase in both the equilibrium price and the quantity sold.
c. A decrease in both the equilibrium price and the quantity sold.
d. An uncertain effect on the equilibrium quantity but an increase in the equilibrium price.
d
Economics
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If the demand for a good were completely inelastic,
A) the good is a basic necessity. B) the good is a luxury. C) there are no substitutes for the good. D) there had been a long period of time for people to adjust their behavior. E) people who own the good currently do not want to give it up except at much higher prices.
Economics
How can the average-fixed-cost curve be declining when fixed cost is constant?
Economics