When applied to labor markets, the law of supply suggests that:
A. a decrease in the wages earned by nurses will cause the quantity of nurses supplied to increase.
B. a decrease in the wages earned by nurses will cause the quantity of nurses demanded to increase.
C. an increase in the wages earned by nurses will cause the quantity of nurses supplied to increase.
D. an increase in the wages earned by nurses will cause the quantity of nurses demanded to increase.
Answer: C
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In our study of monopoly, we found that monopolists can increase profit by segmenting the market and price discriminating (under third degree price discrimination). Now suppose a firm is producing an excludable local public good. Can you justify a form of such market segmentation and price discrimination as efficient?
What will be an ideal response?
Cost-of-living adjustment is a/an ________ in a transfer payment or wage that results in ________ in the price level
a. increase; increase b. increase; decrease c. decrease; increase d. decrease; no change
Assets of the commercial banking system include
A. loans and deposits. B. deposits. C. reserves and loans. D. reserves and deposits.
If the marginal propensity to consume is 0.6, what is the value of the expenditure multiplier?
a. 1.0 b. 1.6 c. 2.0 d. 2.5 e. 6.0