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temp321 temp321
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5 years ago

Question 1.

An economic system in which relative prices change to reflect changes in supply and demand for different goods and services is known as a

• market.

• socialist system.

• communist system.

• ration.

Question 2.

Suppose Brad Pitt and Angelina Jolie wear matching platinum jewelry in their new movie. After the movie is released, suppose that consumers increase their demand for the jewelry and at the same time manufacturers increase the supply of the jewelry. As a result

• the equilibrium quantity and price are both indeterminate.

• the equilibrium price and quantity will both decrease.

• the equilibrium quantity will increase, and there is an indeterminate change in the equilibrium price.

• the equilibrium quantity will decrease, and the equilibrium price will increase.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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binvabinva
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temp321 Author
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#2
5 years ago
Thanks for your help!
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