What happens to equilibrium price when simultaneously the demand curve shifts left and the supply curve shifts right?
A. Equilibrium price will increase.
B. Equilibrium price will decrease.
C. Equilibrium price will remain the same.
D. Equilibrium price may increase, decrease, or remain the same depending on the magnitude of the shifts in demand and supply.
B. Equilibrium price will decrease.
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Developing new products and services as well as introducing new production methods are among the ways that ________ increases average labor productivity.
A. an entrepreneur B. physical capital C. human capital D. a manager
According to the Lucas supply function, ________ affect(s) both actual and expected price levels in the same way.
A. only announced fiscal policy changes B. any unanticipated policy change C. any announced policy change D. only announced monetary policy changes