The demand for a factor of production depends on the:
a. supply of the factor.
b. supply of other factors of production.
c. demand for other factors of production.
d. demand for the products that it helps to produce.
d
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If people feel optimistic about the future of the economy ________
A) autonomous consumption might increase B) autonomous investment might increase C) it might shift the IS curve to the right D) all of the above E) none of the above
Show how a monopolist maximizes its profit. Explain your graph.
What will be an ideal response?
The following diagram depicts the market for physicians' services that is originally in equilibrium at the point where demand and supply (D0 and S0) intersect. As physician supply increases from S0 to S1, an even larger concurrent shift in demand from D0 to D1:
a. will result in a new equilibrium at P2 and Q2. b. will cause overall spending on physicians' services to increase. c. will force physicians to limit the number of patients they see. d. will increase demand for physicians' services, but not spending. e. will result in a decrease in the price of physicians' services.
The consumer price index for Planet Econ consists of only two items: books and hamburgers. In 2015, the base year, the typical consumer purchased 10 books for $25 each and 25 hamburgers for $2 each. In 2017, the typical consumer purchased 15 books for $30 each and 30 hamburgers for $3 each. The consumer price index for 2017 on Planet Econ equals:
A. 1.00 B. 1.25 C. 1.45 D. 1.15