Answer the following statements true (T) or false (F)
1. A decrease in the prices of computer chips for PCs will increase the supply of PCs.
2. The development of a new production technique that lowers the cost of producing 3-D movies will shift the supply curve of 3-D movies to the right.
3. A surplus indicates that the quantity demanded is greater than the quantity supplied at that price.
4. If we observe the price of a good in a competitive market rising, then we can conclude that there had been a shortage in the market.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
You might also like to view...
One explanation given in the video for the fluctuations of an economy's real growth rate around its potential growth rate is:
A. that there are often shocks to the planned level of spending. B. that there are often shocks to the money supply. C. that the potential growth is inaccurately calculated. D. that there are often shocks to the key growth factors
During the industrial revolution, the United States saw increases in the demand for labor and increases in the supply of labor. The increase in real wages rose during this period is consistent with which of the following statements?
A. The rightward shift in the labor demand curve was greater than the rightward shift of the labor supply curve. B. The rightward shift in the labor supply curve was greater than the rightward shift of the labor demand curve. C. The rightward shift in the labor demand curve was greater than the leftward shift of the labor supply curve. D. The leftward shift in the labor supply curve was greater than the rightward shift of the labor demand curve.