Suppose there is an advance in technology that allows the automobile industry to manufacture automobiles more cheaply. We would expect
A. a. an increase in both the equilibrium price and the equilibrium quantity of automobiles.
B. b. a decrease in both the equilibrium price and the equilibrium quantity of automobiles.
C. c. an increase in the equilibrium price and a decrease in equilibrium quantity of automobiles.
D. d. a decrease in the equilibrium price and an increase in the equilibrium quantity of automobiles.
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When both supply and demand increase
A. a. equilibrium price rises, and so does equilibrium quantity.
B. b. equilibrium price falls, but equilibrium quantity rises.
C. c. equilibrium quantity rises.
D. d. it is impossible to speculate about the results for equilibrium price or equilibrium quantity.
Because cars and gasoline are complements, an increase in the price of gasoline will
A. a. increase the demand for cars.
B. b. decrease the demand for cars.
C. c. increase the demand for gasoline.
D. d. decrease the demand for gasoline.
A change in which of the following will cause a movement along the supply curve?
A. a. a change in the state of technology
B. b. a change in taxes
C. c. a change in expectations about future prices
D. d. a change in the price of the good
1) If the price of oil, a close substitute for coal, increases, then
A. a. the supply curve for coal will shift to the right.
B. b. the demand curve for coal will shift to the right.
C. c. the equilibrium price and quantity of coal will not change.
D. d. the quantity of coal demanded will decline.
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