As a result of an increase in the supply of a good, the equilibrium quantity ________ and the equilibrium price ________

Mark has a two-year wage contract with his employer. Mark's wage contract specifies a $50,000 salary for the first year, and specifies a salary increase equal to the percentage increase in the CPI during the second year

The percentage increase in the CPI during the year was 4.0 percentage points. If the CPI overstates inflation by 1.0 percentage point, at the end of the first year Mark's salary increased by ________ more than it would have without the upward bias. A) $500 B) $50 C) $3000 D) $1500 E) $2000

The social benefit of a given level of a public good is the vertical sum of all private benefits for that level

Indicate whether the statement is true or false