An increase in product price will cause:
A. quantity demanded to decrease.
B. quantity supplied to decrease.
C. quantity demanded to increase.
D. the supply curve to shift to the left.
Answer: A
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In response to an increase in technology, we would expect
a. both the short run and long run Phillips curve to shift to the right. b. both the short run and long run Phillips curve to shift to the left. c. the long run Phillips curve remains unchanged while the short run Phillips curve shifts to the right. d. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right. e. none of the above.
Describe the difference between the employment rate and the labor force participation rate (LFPR). Under what circumstance would the two be equal to one another?