ECON Study Guide

According to Adam Smith, the significant increase in GDP that occurred at the turn of the Industrial Revolution is attributable to:
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Suppose we notice that the equilibrium price of computers has fallen and the equilibrium quantity of computers sold has increased. Which one of the following a potential explanation?an increase in supplySuppose the demand for gasoline increases AND the supply of gasoline decreases. Which of the following is not a possible outcome of these changes.the equilibrium price of gasoline stays the same.Assume the price elasticity of demand for bottled water is 1. If the price of bottled water increases by 20%, how much would we expect the quantity of bottled water demanded to decrease?20%The price elasticity of supply is calculated as...the percent change in quantity supplied divided by the percent change in price.Which one of the following could explain the shift in the demand curve shown in the graph above?a reduction in population