If the demand for hamburgers increases, it is likely that the demand for fast-food employees will
A) increase.
B) decrease.
C) stay the same.
D) increase at first but then fall rapidly.
Answer: A
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If the price of tuna fish increases from 50 cents to 60 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then the tuna fish producer could increase its total revenue by
a. lowering price. b. decreasing quantity supplied. c. leaving price the same. d. raising price. e. decreasing supply.
An upward sloping labor supply curve suggests that;
A. there is no substitution effect. B. the income effect outweighs the substitution effect. C. the substitution effect outweighs the income effect. D. None of the choices are correct.
Suppose that the demand curveis D. To increase the equilibrium quantity by 1, the demand needs to increase by
a. 3 b. 1 c. 2 d. 1/2
Supply-side theories of the business cycle focus on how improper incentives lead to the unwillingness of producers to supply more goods and services at existing prices.
Answer the following statement true (T) or false (F)