The fraction of a change in income that is saved is known as _____
Fill in the blank(s) with the appropriate word(s).
the marginal propensity to save.
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Clothing retailers have faced greater competition in recent years as more firms have entered the clothing market. Some of the competition has come from foreign competitors, but much of it is domestic competition
As a result there is much competition in markets for many types of clothing and A) individual buyers and sellers cannot affect the market price because it is determined by the market forces of demand and supply. B) there are no other implications. C) firms have a great degree of flexibility in pricing their products because these products can be sold at a high profit level. D) there are relatively few buyers and sellers in the market, and one individual firm can determine the market price.
The demand for computers increases. As a result
A) the quantity demanded of workers increases, the wage rate rises, and the supply of labor increases. B) the demand for workers increases, hiring increases, but wages stay the same since each firm faces a horizontal supply curve of labor. C) the wage rate increases in the industry and the quantity demanded of workers falls. D) the wage rate increases in the industry and the quantity supplied of workers increases.
The best way to describe the international position of the U.S. dollar during the 1980's is
a. floating downward most of the time. b. floating downward at first, and then rising sharply. c. stable throughout the decade. d. rising sharply during the first half of the decade, and then falling.
Refer to the graph below, which shows the market for beef where demand shifted from D1 and D2. The change in equilibrium from E1 to E2 is most likely to result from:
A. A decrease in consumer incomes
B. An increase in the cost of cattle feed
C. An increase in the price of pork
D. A decrease in the tax on beef products