Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.
Figure 28.1Refer to Figure 28.1. According to classical economists if the wage rate is $6, the wage rate will ________ to eliminate the ________.
A. increase; shortage
B. increase; surplus
C. decline; shortage
D. decline; surplus
Answer: A
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Voters' Ordered PreferencesAbbyBobCarloPublic parksPublic zooPublic transportationPublic zooPublic transportationPublic parksPublic transportationPublic parksPublic zooIf a pair-wise majority vote was held, the voters' preferences are shown in the table, and Abby is setting the agenda for votes, which pair will she put up for vote first?
A. Public transportation and public zoo B. Public parks and transportation C. Public zoo and public parks D. It will not matter, as it will not affect the outcome of the voting.
Because of product differentiation, a monopolistically competitive firm: a. possesses some degree of market power
b. is very similar to a perfectly competitive firm. c. faces a perfectly elastic demand curve. d. is unaffected by the elasticity of demand.
Assets that a company might not be able to convert to cash quickly but that still have significant value (e.g., factory building, real estate, machinery) are known as
a. liquid assets b. hard assets c. corporate assets d. marketable securities e. none of these
What are the accurate coordinates for the new equilibrium for price and quantity?
a. P2 and Q2
b. P1 and Q1
c. P2 and Q1
d. P1 and Q2