An increase in the price of a product
A) automatically increases wages.
B) raises the firm's demand for labor.
C) would probably decrease total revenues.
D) increases productivity.
B
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To understand how the colonial economy developed, Hughes and Cain (2011) claim one must understand
(a) what motivated colonists to settle in different locations. (b) what colonists produced, how much they produced, for whom they produced and with whom they traded. (c) the legal system in which they operated. (d) all of the above.
A business owned by two or more joint owners, or partners, who share the responsibilities and the profits of the firm and are individually liable for all the debts is a(n)
A) corporation. B) entrepreneur. C) proprietorship. D) partnership.
The law of comparative advantage can be used to explain why many couples divide up their household duties along gender lines
Indicate whether the statement is true or false
Refer to the above graph, which shows an aggregate demand curve for a hypothetical economy. If the price level is 150, the quantity of real GDP demanded is:
A. $500 billion. B. $800 billion. C. $600 billion. D. $700 billion.