Suppose you observed that at the same time employment increased, wages fell. Which of the following is a possible explanation for this observation?
a. An increase in labor demand
b. A decrease in labor demand
c. An increase in labor demand that was outpaced by an increase in labor supply
d. A decrease in labor supply
e. Cannot be determined from the available information
C
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Suppose that the technology used to manufacture laptops has improved. The likely result would be:
A. a decrease in quantity supplied of laptops. B. an increase in quantity supplied of laptops. C. a decrease in supply of laptops. D. an increase in supply of laptops.
Using the above table, if the price of Pepsi is $3, how many cans of Pepsi would have to be consumed in order to have a marginal utility to price ratio of 3?
A) one can
B) two cans
C) three cans
D) four cans
In a competitive market with large search costs, many firms, and asymmetric information, why is the monopoly price the only possible single-price equilibrium?
What will be an ideal response?
Draw an appropriate diagram to represent the business cycle and label each of the five phases. Provide a brief description of each phase