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Author Question: In which of the following situations will both market clearing price and the equilibrium quantity ... (Read 70 times)

Kthamas

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on: Jun 29, 2018
In which of the following situations will both market clearing price and the equilibrium quantity decrease?
 
  A) an increase in demand and no change in supply
  B) an increase in supply with no change in demand
  C) a decrease in supply with no change in demand
  D) a decrease in demand with no change in supply

Question 2

How could Adam Smith's comment about the butcher, the brewer, and the baker be accurately rephrased in modern terms?
 
  A) The butcher, the brewer, and the baker give us our dinner because they want to be well liked in the community.
  B) The butcher, the brewer, and the baker give us our dinner because they will be sued if they don't do so.
  C) The butcher, the brewer, and the baker give us our dinner because they each earn a living by doing so.
  D) The butcher, the brewer, and the baker give us our dinner because they view doing so as a public service.


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SomethingSomething

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

C


Kthamas

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

komodo7

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Reply 3 on: Yesterday
Excellent

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