15. What do arrows a and b represents? Firms Factor Goods market market Households a) a - income; b - goods and services b) a - spending; b - factors of production c) a - spending; b - goods and services d) a - income; b - factors of production 16. What caused equilibrium to change form from E1 (S – curve) to E2 (S1-curve) in the graph below? Quantity a) change in supply and demand b) change in supply, followed by a change in quantity demanded c) change in demand, followed by a change in quantity supplied d) change in supply only Price

15. What do arrows a and b represents? Firms Factor Goods market market Households a) a - income; b - goods and services b) a - spending; b - factors of production c) a - spending; b - goods and services d) a - income; b - factors of production 16. What caused equilibrium to change form from E1 (S – curve) to E2 (S1-curve) in the graph below? Quantity a) change in supply and demand b) change in supply, followed by a change in quantity demanded c) change in demand, followed by a change in quantity supplied d) change in supply only Price

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.1P

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