The discovery of a large new reserve of crude oil will shift the ________ curve for gasoline, leading to a ________ equilibrium price. ( )
A: supply, higher
B: supply, lower
C: demand, higher
D: demand, lower
A: supply, higher
B: supply, lower
C: demand, higher
D: demand, lower
举一反三
- A fall in price: A: Will cause an inward shift of demand B: Will cause an outward shift of supply C: Leads to a movement along a demand curve D: Leads to a higher level of production
- If demand exceeds supply, the market can bear a higher price.
- A price that is higher than the equilibrium price ( ) A: The producer cannot recover the production cost at this price. B: At this price, the quantity supplied is greater than the quantity<br/>demanded. C: Consumers are willing to purchase all products at this price. D: Demand is greater than supply at this price.
- Rising oil prices in the U.S. during the 1970s caused the economy’s ( ) A: aggregate supply curve to shift to the right. B: aggregate supply curve to shift to the left. C: aggregate demand curve to become vertical. D: aggregate demand curve to become horizontal.
- The higher the exchange rate, the A: the lower the dollar cost of imported goods and the higher the demand for foreign exchange. B: higher the dollar cost of imported goods and the lower the demand for foreign exchange. C: higher both the dollar cost of imported goods and the demand for foreign exchange. D: the lower both the dollar cost of imported goods and the demand for foreign exchange.