An increase in a product's price will shift the labor demand curve for workers who produce that product to the left
a. True
b. False
Indicate whether the statement is true or false
False
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Explain the real-nominal principle
What will be an ideal response?
As the price of dvds increases from $3 to $5, the quantity demanded falls from 220,000 to 180,000 . The price elasticity of demand for dvds is:
a. -0.40 b. -0.33 c. -3.00 d. -2.50
A profit-maximizing firm will hire extra units of a resource when
a. marginal resource cost exceeds marginal revenue product b. marginal resource cost is equal to marginal revenue product c. marginal resource cost is less than marginal revenue product d. temporary resource price differentials exceed the marginal resource cost e. the average resource cost and marginal resource cost curves are equal
Ceteris paribus, explain why it is that when a lower ceiling price is imposed below equilibrium price, a greater deadweight loss results