Without more information, the supply and demand model cannot predict the effect on price of:
A. a simultaneous decrease in quantity demanded and increase in quantity supplied.
B. a simultaneous decrease in demand and increase in supply.
C. a simultaneous increase in demand and increase in supply.
D. a simultaneous increase in demand and decrease in supply.
C. a simultaneous increase in demand and increase in supply.
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If a firm buys a specialized metal stamping machine that will last 4 years for $125,000 and cannot resell it, the sunk cost is
A) $0. B) $31,250. C) $125,000. D) $93,750.
The Lorenz curve shows the
a. functional distribution of income b. personal distribution of income c. relative percentage of income going to each of the resources d. demand for unskilled versus unskilled labor e. cumulative percentage of income received by cumulative percentages of households