In a competitive labor market, at wages above equilibrium, the:
a. quantity demanded of labor is greater than the quantity supplied
b. MRP of labor curve shifts to the right
c. labor-supply curve will shift to the left
d. quantity supplied of labor is greater than the quantity demanded
Answer: d. quantity supplied of labor is greater than the quantity demanded
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In a monopolistically competitive market, as the number of product variants decreases, the price of a particular firm's product is likely to ________ because the demand for each variety becomes more
A. increase; inelastic. B. increase; elastic. C. decrease; elastic. D. decrease; inelastic.
A benefit to consumers of monopolistically competitive markets is that:
A. consumers only have to choose from one product. B. consumers have a variety of products from which to choose. C. goods are sold at the lowest possible average cost of production. D. price is equal to marginal cost in equilibrium.
The demand for money for which the purpose is making unexpected purchases or meeting emergencies is considered to be part of
A. asset demand. B. transactions demand. C. savings demand. D. precautionary demand.
George Gnat subscribes to a monthly pest control service for his home
Last week the owner of the service informed George that he will have to raise his monthly service fee because of increases in the price of gasoline used by his workers on their service trips. How is the market for pest control services affected by this? A) There is a decrease in the demand for pest control services. B) There is a decrease in the supply of pest control services. C) There is a decrease in the quantity of pest control services supplied. D) There is an increase in the supply of pest control services.