Which of the following statements about wages and the quantity of labor supplied is true?
a. The higher the wage rate, the lower quantity of labor supplied will be.
b. Wages and quantity of labor supplied have a negative relationship.
c. As the wage rate increases, the quantity of labor supplied increases.
d. A decrease in the wage rate leads to an increase in the labor supplied.
c. As the wage rate increases, the quantity of labor supplied increases.
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Use the following graph showing the average total cost curve for a perfectly competitive firm to answer the next question.
At the long-run equilibrium level of output, this firm's profit
A. is $400. B. is zero. C. is $200. D. cannot be determined from the information provided.
Suppose that the price elasticity of demand for an ice cream cone is -1.9 . If the local ice cream shop owner wants to increase total revenue, what would you recommend he or she do?
What will be an ideal response?
In the English market, colonial tobacco was ______________ Spanish tobacco
a. more expensive than b. less expensive than c. priced similarly to d. more heavily taxed than
The structural unemployment rate is 1.3 percent, the frictional unemployment rate is 2.1 percent, and the economy's current unemployment rate is 4.9 percent. The economy is in
A) a recessionary gap producing less than Natural Real GDP. B) an inflationary gap producing more than Natural Real GDP. C) long-run equilibrium. D) an inflationary gap producing Natural Real GDP. E) a recessionary gap producing more than Natural Real GDP.