In the above figure, a minimum wage of ________ would result in employment of ________
A) W2; L1
B) W2; L2
C) W1; L1
D) W1; L2
D
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If the price of coal, a close substitute for oil, decreases, then the
A. supply curve for oil will shift to the right. B. demand curve for oil will shift to the right. C. equilibrium price and quantity of oil will not change. D. demand curve for oil will shift to the left. E. supply curve of coal will shift to the left.
An initial leftward shift in labor demand often creates a cascading chain of events, amplifying the impact of the initial shock. This is known as the ________ effect
A) Veblen B) multiplier C) cluster D) rebound
The above table gives techniques Jitters Coffee Company can use to package 5,000 pounds of coffee. Which technique(s) is (are) technologically inefficient?
A) A B) C C) B and C D) B, C, and D
According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward.