As the income of bus riders increased, the wages of bus drivers increased simultaneously. How does this affect the market for bus rides (inferior good)?
a. The demand curve will shift to the left; the supply curve will shift to the left
b. The demand curve will shift to the left; the supply curve will shift to the right
c. The demand curve will shift to the right; the supply curve will shift to the left
d. The demand curve will shift to the right; the supply curve will shift to the right
a
You might also like to view...
By the 1840s,
(a) labor had achieved political power in the franchise, i.e., the right to vote. (b) unions per se were not considered by law to be conspiracies and therefore illegal. (c) peaceful picketing of businesses during strikes was considered to be legal. (d) all of the above were true.
Regulation focused on the impact of production on the environment and society, the working conditions under which production occurs, or the physical attributes of goods, is known as
A) cost-of-service regulation. B) rate-of-return regulation. C) social regulation. D) monopoly regulation.
If the total variable cost of producing 5 units of output is $10 and the total variable cost of producing 6 units is $15, the marginal cost of producing a sixth unit is $5
a. True b. False Indicate whether the statement is true or false
If a country currently produces a mix of output that lies inside its production possibilities curve, then macro stabilization policies try to
A. Shift the aggregate demand curve to the right. B. Shift the short-run aggregate supply curve to the left. C. Shift the aggregate demand curve to the left. D. Move the economy to the right down the existing aggregate demand curve.