If there is a decrease in demand
a. firms would be willing to supply less of the good than before at each possible price.
b. buyers are willing to purchase less of the good than before at each possible price.
c. buyer's taste for the good has increased

The relationship between the growth rate of an economic variable, gt, and its level, yt, can be approximated by

A) gt = yt - yt - 1. B) gt = logt - log yt - 1. C) yt = log gt - log gt - 1. D) log gt = yt - yt - 1.

An effective ceiling price will:

A. induce new firms to enter the industry. B. result in a product surplus. C. result in a product shortage. D. clear the market.