The constant or intercept term in a statistical demand study represents the quantity demanded when all independent variables are equal to:
a. 1.0
b. their minimum values
c. their average values
d. 0.0
e. none of the above
d
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Suppose the elasticity of labor demand is 0.6. Then a decrease in the wage rate will:
A. Decrease total wage income B. Increase total wage income C. Have no impact on total wage income D. Have an indeterminate impact on total wage income
Holding other factors constant, technological progress ________ the real wage and ________ employment.
A. decreases; increases B. increases; decreases C. increases; does not change D. increases; increases
The two key laws affecting labor unions are the ____________ and the _______________.
Fill in the blank(s) with the appropriate word(s).
The response in quantity demanded to a price increase in subway rides:
A. will be less elastic in six weeks than in six months. B. will be the same over that time period. C. will be more elastic in six weeks than in six months. D. is unpredictable without more information.