If the firms in an industry could take advantage of a reduced wage, how would one best describe the firms' demand for labor? The MRPL
A) schedule would remain unchanged, and the firms would hire more labor at the lower wage.
B) schedule would shift to the left and the firms would move down the new schedule.
C) schedule would shift to the right and the firms would move down the new schedule.
D) none of the above
A
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The state governments in the U.S. spend a large percentage of their funds on ________
A) public welfare B) social security C) national defense D) income security
Based on the answer above, the price for bus rides _____________ and the quantity demanded for rides ____________
a. Decreases; decreases b. Decreases; increases c. Decreases; uncertain d. Increases; uncertain
A fishing boat owner sells her entire catch of 8,000 fish and maximizes profit that is equal to $4,000 . Suppose fish prices increase and she now sells 10,000 fish. If fish prices increased by $1 per fish, what do you need to know to calculate her new average total cost?
a. average fixed cost b. change in average variable cost c. change in total variable cost d. how many fish she catches e. how much profit is made
If a good is inferior, the income elasticity of demand must be
A. negative. B. positive and greater than 1. C. merely positive (not necessarily greater than 1). D. zero.