If demand increases and supply decreases A) the market ...

[NClaborn]

If demand increases and supply decreases
 
  A) the market clearing price definitely will increase, and the equilibrium quantity definitely will increase.
  B) the market clearing price definitely will increase, and the equilibrium quantity definitely will decrease.
  C) the market clearing price definitely will increase, but the change in the equilibrium quantity cannot be determined without more information.
  D) the equilibrium quantity definitely will decrease, but the change in the market clearing price cannot be determined without more information.

Question 2

Which of the following people would be considered unemployed by the Bureau of Labor Statistics?
 
  I. Mrs. X retires from her job and does not look for another job.
  II. Mr. Y was laid off from his job as a welder, but expects to be rehired in 8 months.
  A) I only
  B) II only
  C) Both I and II
  D) Neither I nor II

[Awesome]

Answer to Question 1

C

Answer to Question 2

B

[NClaborn]

Excellent

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