From 1996 to 2011, the rate of growth of output per worker in China has been approximately equal to

Refer to Figure 3-6. The figure above represents the market for coffee grinders. Assume that the market price is $21. Which of the following statement is true?

A) There will be a shortage that will cause the price to increase; demand will then decrease and supply will increase until the price equals $25. B) There is a shortage that will cause the price to increase; quantity demanded will then decrease and quantity supplied will increase until the price equals $25. C) There is a shortage that will cause the price to increase; quantity supplied will then decrease and quantity demanded will increase until the price equals $25. D) There is a shortage that will cause the price to decrease; quantity demanded will then increase and quantity supplied will decrease until the price equals $25.

Which of the following statements best captures the relationship between microeconomics and macroeconomics?

a. For the most part, microeconomists are unconcerned with macroeconomics, and macroeconomists are unconcerned with microeconomics. b. Microeconomists study markets for small products, whereas macroeconomists study markets for large products. c. Microeconomics and macroeconomics are distinct from one another, yet they are closely related. d. Microeconomics is oriented toward policy studies, whereas macroeconomics is oriented toward theoretical studies.