In Figure 4-18, there would be a shortage of T-shirts if the price were
A. $10 and the market price will rise.
B. $8 and the market will tend toward equilibrium.
C. below $8 and the shortage persists.
D. between $8 and $6 and the shortage will get larger.
Answer: C
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Refer to Reducing Long-Run Labor Usage. The diagram illustrates the situation where
a. the long-run demand for labor is upward sloping.
b. the scale effect reinforces the substitution effect.
c. the higher wage raises the firm's long-run marginal costs.
d. labor is a regressive factor.
According to the law of demand,
A) everything has its price. B) human wants are insatiable. C) people will do anything to obtain goods they want. D) there are no free goods. E) there is a negative relationship between the amount of anything people will purchase and the sacrifice that must make to obtain it.
Refer to Table 8-31. The table above represents hypothetical data from the National Income Accounts for 2015. Use the data to calculate personal income and disposable personal income
What will be an ideal response?
What are in-kind transfers, and why are they more target-efficient than cash transfers?
What will be an ideal response?