Which of the following would shift a market labor supply curve to the left?
a. an increase in the wage paid to workers in a competing market
b. labor-saving technology
c. a change in worker tastes so that workers want to retire later
d. an increase in immigration
a
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The table below shows the consumption schedule for a hypothetical economy. All figures are in billions of dollars.RGDPConsumption$600$590610598620606630614640622650630660638If investments were fixed at $16, taxes were zero, government purchases of goods and services were zero, and net exports were zero, then equilibrium real GDP would be $630 initially. If government purchases were then raised from $0 to $10 and lump-sum taxes also increased from $0 to $10, other things constant, the equilibrium real GDP would become
A. $630. B. $650. C. $660. D. $640.
The following are the equations for the supply and demand curves in the market for weezils: Demand: Qd= 20?2P Supply: Qs= 5 + 3P where Qdis the quantity demanded, Qsis the quantity supplied, and P is the price per weezil in dollars. Refer to Exhibit 4-1. According to the data given, when the market is in Equilibrium, how many weezils are sold?
A. 3 B. 5 C. 11 D. 14
Price discrimination always harms consumers
a. True. b. False.
An elasticity of demand that would be considered very inelastic would be
A. 0.1. B. 0.9. C. 1.0. D. 1.1.