Refer to the figure above. What is the equilibrium price and quantity of the good?
A) Equilibrium price = $40, equilibrium quantity = 20 units
B) Equilibrium price = $60, equilibrium quantity = 10 units
C) Equilibrium price = $60, equilibrium quantity = 20 units
D) Equilibrium price = $80, equilibrium quantity = 30 units
C
Economics
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An inferior good is one for which an increase in income causes a(n)
a. increase in supply b. decrease in supply c. increase in demand d. decrease in demand
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The aggregate demand multiplier effect says that an initial increase in expenditure plans leads to an induced
A) increase in consumption expenditure. B) increase in production expenditure. C) increase in government expenditures on goods and services. D) decrease in the price level. E) increase in exports.
Economics