Holding everything else constant, an increase in the price of raisins will result in
A) a decrease in the quantity of raisins demanded.
B) an increase in the demand for raisins.
C) a decrease in the supply of raisins.
D) an increase in the quantity of raisins demanded.
Answer: A
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What will be an ideal response?
A firm faces the following relationship between the real wage it pays and the effort exerted by its workers. The marginal product of labor for this firm is given by MPN = E (100 - N)/9
The firm will choose to pay a wage such that the effort level is A) 20. B) 24. C) 27. D) 29.
If the price of grapes increases, total expenditures on grapes will decline if
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The results of the ultimatum game illustrate that
a. people's behavior is often driven by an innate sense of fairness. b. homo economicus is a good description of people's behavior. c. self-interest brings out the most efficient economic outcome. d. people will always prefer a small gain to no gain.