Which of the following is true for the law of demand?
A. Sellers increase the quantity of a good available as the price of the good increases.
B. An increase in price results from false needs.
C. There is an inverse relationship between the price of a good and the quantity of the good demanded.
D. Prices increase as more units of a product are demanded.
Answer: C
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The desired level of union employment occurs where the market wage curve intersects the labor supply curve.
Answer the following statement true (T) or false (F)
If there are powerful unions in a labor market, the use of the supply-and-demand model to analyze labor markets
A. is inappropriate. B. will cause you to believe the wage will be lower than it is. C. will cause you to believe that fewer people will be hired than will be. D. is completely accurate.
Kobe has just eaten another cookie and his total utility increased. This means that Kobe's marginal utility for this additional cookie is
A. positive. B. negative. C. zero. D. not determinable without more information.
The town of Bloomfield is well known for its basketball team. The price of basketball game tickets is determined by market forces. Table 6-8 above shows the demand and supply schedules for basketball games tickets. Refer to Table 6-8. What is the most distinctive feature of the supply curve?
A) The supply curve is perfectly elastic. B) The supply curve is horizontal. C) The supply curve is perfectly inelastic. D) The supply curve is upward sloping.