Which of the following is most likely to shift the demand curve for electricity to the left?
a. consumers becoming more energy conscious.
b. an increase in income.
c. a decrease in the price of electricity.
d. an increase in the price of natural gas, a substitute source of energy.
a
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What can good assumptions do?
a) cause economists to leave out important variables that make their theories worthless b) simplify the complex world and make it easier to understand c) further complicate an already difficult topic d) allow economists to see the "big picture" instead of only small segments
A price floor
A) changes the equilibrium price if it is imposed in black markets. B) changes the price and quantity if it is set below the equilibrium price. C) changes the price and quantity if it is set above the equilibrium price. D) does not create a black market if it is set above the equilibrium price. E) changes the price and quantity only if it equals the equilibrium price.