Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
a. Price will increase, and quantity will increase.
b. Price and quantity will stay the same.
c. Price will decrease, and quantity will increase.
d. Price will increase, and quantity will decrease.
e. Price will decrease, and quantity will decrease.
E
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In 2016, Social Security and Medicare payments accounted for almost _____ of federal outlays
a. 7 percent b. 25 percent c. 15 percent d. 38 percent e. 52 percent
The production possibilities frontier shows:
a. possible combinations of two types of goods that can be produced when all available resources are fully and efficiently employed. b. possible combinations of two types of resources that can be used to produce a given combination of two goods. c. possible quantity of a good that will be consumed at various possible prices. d. possible quantity of a good that will be supplied at various possible prices.