If new manufacturers enter the computer industry, then (ceteris paribus):
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the supply curve shifts to the right
Economic theory predicts that gun buyback programs:
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have little effect on the number of guns held by citizens when the supply of
guns is very elastic.
The downward slope of the demand curve again illustrates the pattern that as _________
rises, _________ decreases.
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price, quantity demanded
The _________ is the only price where quantity demanded is equal to quantity supplied.
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equilibrium price
When ____________, a firm will supply a higher quantity at any given price for its output,
and the supply curve will shift to the right.
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costs of production fall
, A price cut will increase the total revenue a firm receives if the demand for its product
is:
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elastic
On April 1, 2009, in the middle of a recession, the government of the province of
Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50. What
will the likely effect of this policy be?
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Both the leftward shift in the labor demand curve and the higher minimum
wage will lead to an increase in the unemployment rate.
If the demand for software engineers __________ slower than does supply, then wages of
software engineers will __________.
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increase; fall
The pull of instant gratification may lead consumers to save ______ they would like to
save.
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the supply curve shifts to the right
Economic theory predicts that gun buyback programs:
,Give this one a try later!
have little effect on the number of guns held by citizens when the supply of
guns is very elastic.
The downward slope of the demand curve again illustrates the pattern that as _________
rises, _________ decreases.
Give this one a try later!
price, quantity demanded
The _________ is the only price where quantity demanded is equal to quantity supplied.
Give this one a try later!
equilibrium price
When ____________, a firm will supply a higher quantity at any given price for its output,
and the supply curve will shift to the right.
Give this one a try later!
costs of production fall
, A price cut will increase the total revenue a firm receives if the demand for its product
is:
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elastic
On April 1, 2009, in the middle of a recession, the government of the province of
Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50. What
will the likely effect of this policy be?
Give this one a try later!
Both the leftward shift in the labor demand curve and the higher minimum
wage will lead to an increase in the unemployment rate.
If the demand for software engineers __________ slower than does supply, then wages of
software engineers will __________.
Give this one a try later!
increase; fall
The pull of instant gratification may lead consumers to save ______ they would like to
save.
Give this one a try later!
