The substitution effect reflects a movement along a given

When Jamie purchases a classic 1968 Plymouth Cuda convertible from Shane, GDP

A) does not change, because the car was not produced this year. B) increases, because the car is a durable good and increases consumption. C) increases, because the car is a durable good and increases investment. D) does not change, because Jamie did not buy the car from a dealershi

A decrease in the supply of chocolate chips would usually result in a

a. higher equilibrium price and a lower equilibrium quantity b. lower equilibrium price and a lower equilibrium quantity c. lower equilibrium price and a higher equilibrium quantity d. higher equilibrium price and a higher equilibrium quantity e. decrease in the demand for chocolate chips