If farmers begin using better fertilizers to grow corn, we would expect a(n) __________ in the supply of corn.
a) small decrease
b) no change
c) large decrease
d) increase
d) increase
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The price of peaches goes up and I observe you buying fewer strawberries. This implies strawberries must be a normal good.
Answer the following statement true (T) or false (F)
Which of the following would most likely serve as an example of a monopoly?
a. a restaurant in a large city b. a dry cleaners in a large city c. a local gas station d. a local electrical company
Why would a wage differential due to discrimination in hiring be unlikely to persist in a competitive labor market?
a. There is a cost advantage for firms that do not discriminate. b. Workers who are victims of discrimination will eventually drop out of the labor market. c. Competing firms will hire fewer of the workers who are temporarily victimized by discrimination. d. Discrimination cannot exist in markets.
Diminishing returns set in with the _____ worker.
