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The adage, There is no such thing as a free lunch, means
Both buyers and sellers.
Increase quantity demanded.
Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Resources are limited.
Supply of bicycles will shift to the left.
All of the above are correct.
The $45,000 salary that you will be able to earn after having completed your graduate program
People face tradeoffs.
Suppose after graduating from college you get a job working at a bank earning $30,000 per year. After two years of working at the bank earning the same salary, you have an opportunity to enroll in a one-year graduate program that would require you to
Both buyers and sellers.
Increase quantity demanded.
Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Resources are limited.
Supply of bicycles will shift to the left.
All of the above are correct.
The $45,000 salary that you will be able to earn after having completed your graduate program
People face tradeoffs.
The phenomenon of scarcity stems from the fact that:
Both buyers and sellers.
Increase quantity demanded.
Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Resources are limited.
Supply of bicycles will shift to the left.
All of the above are correct.
The $45,000 salary that you will be able to earn after having completed your graduate program
People face tradeoffs.
Suppose the number of buyers in a market increases and a technological advancement occurs also. What would we expect to happen in the market?
Both buyers and sellers.
Increase quantity demanded.
Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Resources are limited.
Supply of bicycles will shift to the left.
All of the above are correct.
The $45,000 salary that you will be able to earn after having completed your graduate program
People face tradeoffs.
The current price of blue jeans is $30 per pair, but the equilibrium price of blue jeans is $25 per pair. As a result,
Both buyers and sellers.
Increase quantity demanded.
Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Resources are limited.
Supply of bicycles will shift to the left.
All of the above are correct.
The $45,000 salary that you will be able to earn after having completed your graduate program
People face tradeoffs.
In a competitive market, the quantity of a product produced and the price of the product are determined by
Both buyers and sellers.
Increase quantity demanded.
Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Resources are limited.
Supply of bicycles will shift to the left.
All of the above are correct.
The $45,000 salary that you will be able to earn after having completed your graduate program
People face tradeoffs.
Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the?
Both buyers and sellers.
Increase quantity demanded.
Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Resources are limited.
Supply of bicycles will shift to the left.
All of the above are correct.
The $45,000 salary that you will be able to earn after having completed your graduate program
People face tradeoffs.
A decrease in the price of a good will
Both buyers and sellers.
Increase quantity demanded.
Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Resources are limited.
Supply of bicycles will shift to the left.
All of the above are correct.
The $45,000 salary that you will be able to earn after having completed your graduate program
People face tradeoffs.
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