If the expected future price of oil falls, then
A. the equilibrium price and quantity will not change.
B. the current equilibrium price will fall, and the current equilibrium quantity will fall.
C. the current equilibrium price and quantity will both fall.
D. the equilibrium price will fall, but the change in the equilibrium quantity will depend on whether the demand change outweighs the supply change.
Answer: D
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If a new and better good replaced an older and less expensive good, then the price level measured by the CPI ________
A) is lower than the actual price level B) is higher than the actual price level C) might be either higher or lower than the actual price D) is the same as the actual price level because it measures the prices of the actual goods
In general, the current stock of pollutants (St) may be modeled as St = Et + (1 - d)St-1 where d is the ________ and Et is the ________
A) social discount rate, previous stock level B) social discount rate, current emissions C) stock dissipation rate, previous stock level D) stock dissipation rate, current emissions