Multiple Choice
Let D0 and S0 be the initial demand and supply curves for gasoline. Let P0* and Q0* be the initial equilibrium in this market. There is an increase in incomes due to a tech boom. Which ONE of the following correctly captures the effect of this change on the market for gasoline?
A) Both equilibrium quantity and price will increase
B) Both equilibrium quantity and price will decrease
C) Equilibrium quantity will increase, but equilibrium price will decrease
D) Equilibrium quantity will decrease, but equilibrium price will increase
Correct Answer:
Verified
Correct Answer:
Verified
Q25: Currently XYZ's compensation system is such that
Q27: Which of the following constitute examples of
Q28: Draw supply and demand curves. Show the
Q29: Let D<sub>0</sub> be the initial demand curve
Q29: Assume the market for hammers is perfectly
Q31: Let D<sub>0</sub> and S<sub>0</sub> be the initial
Q33: The minimum wage is a:<br>A) wage ceiling.<br>B)
Q34: Let Qd = 10 - 2 P
Q41: A bunch of elementary school kids sit
Q45: The minimum wage<br>A)increases economic efficiency.<br>B)creates a shortage