Refer to the information provided in Figure 3.11 below to answer the following question(s).
Figure 3.11Refer to Figure 3.11. A decrease in the wage rate of gardenburger makers will cause a movement from Point B on supply curve S2 to
A. supply curve S3.
B. Point A on supply curve S2.
C. supply curve S1.
D. Point B on supply curve S2.
Answer: A
You might also like to view...
Which of the following is an important factor in the success of agrarian land reform policies?
(a) the introduction of sharecropping. (b) the introduction of tenant farming. (c) farmer training programs. (d) the introduction of more capital intensive methods.
Which of the following describes a firm?
a. Purchases labor hours from workers b. Borrows capital from investors c. Combines labor and capital to create production, moving them from their low value use to high value use d. All of the above
The total revenue of a perfectly competitive firm is calculated by
A) multiplying average revenue by price. B) dividing price by quantity. C) multiplying price by quantity. D) multiplying quantity by average total cost.
The quantity of raspberries sold at a local store increases from 100 pints to 1,500 pints when the price is reduced from $4.00 to $1.00. In this situation, the absolute price elasticity of demand for raspberries is approximately
A) 0.69. B) 6.7. C) 1.46. D) 4.3.