Suppose there is a simultaneous increase in the demand for wheat and increase in the supply of wheat. Which of the following will occur as a result of these simultaneous events?

A) Both the market clearing price and equilibrium quantity will rise.
B) The market clearing price will fall, but the equilibrium quantity will rise.
C) The market clearing price may rise, fall, or stay the same, but the equilibrium quantity will rise.
D) The market clearing price will fall, but the equilibrium quantity may rise, fall, or stay the same.

C

Economics

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A minimum wage set above the equilibrium wage

A) decreases the deadweight loss in the market. B) decreases the workers' surplus because workers must spend resources looking for jobs. C) increases the firm's surplus. D) increases the market's efficiency. E) has no effect on the market.

Economics

Which of the following statements about the economic concept of land is not true?

a. Land includes forests, minerals, and other natural resources. b. Countries that are rich in natural resources are not always successful in exploiting these resources to produce goods and services. c. Land can be combined with labor and capital to produce goods and services. d. Abundant natural resources are necessary for economic growth. e. Countries that lack natural resources need not be characterized by limited economic growth.

Economics