During the mid-2000s, the average price of a used car fell by nearly $500 and the quantity sold nation-wide decreased by several thousands each year. This set of results is a contradiction of the law of demand
Indicate whether the statement is true or false
FALSE
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The two largest sources of tax revenue for the U.S. federal government are
A. personal income taxes and payroll taxes. B. personal income taxes and corporate income taxes. C. payroll taxes and excise taxes. D. excise taxes and customs duties.
The reason some insurance customers are more eager to purchase insurance is
a. they are more risk averse b. they are less risk averse c. they have a greater risk of making a claim d. Both A&C
Recall the Application about the salaries paid in Major League Baseball to answer the following question(s). Some Major League Baseball players are free agents, meaning they are free to negotiate a contract with any team. Other players are journeymen and apprentices, who are restricted to a single team.Recall the Application. On average, apprentices in Major League Baseball tend to be paid a salary ________ their marginal revenue product.
A. significantly higher than B. significantly lower than C. close to D. unrelated to
Suppose the market for autoworkers is initially in equilibrium, but then the automakers purchase capital goods that are a substitute for workers. What happens in the market for autoworkers?
A) The equilibrium wage rate will increase and the equilibrium quantity of labor will decrease. B) The equilibrium wage rate and the equilibrium quantity of labor will both increase. C) The equilibrium wage rate and the equilibrium quantity of labor will both decrease. D) The equilibrium wage rate will decrease and the equilibrium quantity of labor will increase.