Other things being equal, if the quantity of labor supplied is less than the quantity of labor demanded, wages will tend to fall
a. True
b. False
Indicate whether the statement is true or false
False
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Gruel is an inferior good. Hence, a decrease in people's incomes
A) shifts the supply curve of gruel leftward. B) decreases the quantity of gruel supplied. C) shifts the demand curve for gruel rightward. D) shifts the demand curve for gruel leftward.
If one country has an absolute advantage in every commodity, there is no reason for it to trade
a. True b. False Indicate whether the statement is true or false
The long-run supply curve is upward sloping in an increasing cost industry.
Answer the following statement true (T) or false (F)
The two basic types of government regulation are
A) monopoly and oligopoly regulation. B) labor and environmental regulation. C) federal and state industrial regulation. D) economic and social regulation.