Assume that the supply curve for a commodity shifts to the left and the demand curve shifts to the right, both by the same degree. Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and the same quantity. B) the same price and quantity.
C) a lower price and quantity. D) a higher price and the same quantity.
D
Economics
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Of the various types of economic systems, pure market capitalism involves the greatest government interference and control over the economy
a. True b. False
Economics
In the above table, if this is a perfectly competitive firm and the market price of the product is $5 and the marginal factor cost of labor is $60, how many units of labor will the firm hire?
A. 4 B. 6 C. 3 D. 2
Economics