If both supply and demand increase but the increase in supply is larger, what will happen to equilibrium price and quantity?
The branch of economics that deals with the allocation of resources is called ______.
Which of the following events would lead to a decrease in the equilibrium price of oranges?
Which of the following is an INCORRECT statement about a budget constraint?
Which of the following is an example of a substitute good?
If demand is perfectly elastic, what is the value of price elasticity of demand?
Who is the father of economics?
Which of the following factors does NOT influence the demand for a good?
When is the price elasticity of supply perfectly inelastic?
If the price elasticity of demand for a good is less than 1, the demand is considered
The essence of Engel's law is that as family income rise:
Which of the following statements about elasticity of demand is true?
Which of the following would lead to a rightward shift of the supply curve?
The concept of opportunity cost is based upon the principle of:
If the demand for a product increases while its supply remains constant, what will happen to the equilibrium price and quantity?
The optimal capital stock is achieved when the user cost of capital is equal to:
GOOD