If workers suddenly decide to value more their leisure time than before, this
A) shifts the labor supply curve to the left, resulting in a wage increase and less workers hired.
B) shifts the labor supply curve to the right, resulting in a wage increase and less workers hired.
C) shifts the labor supply curve to the left, resulting in a wage decrease and less workers hired.
D) shifts the labor supply curve to the right, resulting in a wage increase and more workers hired.
A
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Other things remaining unchanged, the longer the time period under consideration, the greater will be the price elasticity of demand
a. True b. False Indicate whether the statement is true or false
Which of the following statements best describes structural economic change?
a. Fiscal policy can increase overall demand, but the process of structural economic change happens more rapidly. b. Fiscal policy can increase overall demand, but the process of structural economic change inevitably takes time. c. Fiscal policy can determine the rate at which structural economic change occurs. d. Fiscal policy can increase both overall demand and create structural economic change simultaneously.
Assuming competitive markets with typical supply and demand curves, which of the following statements is correct?
A. An increase in supply with a decrease in demand will result in an increase in price. B. An increase in supply with no change in demand will result in an increase in price. C. An increase in supply with no change in demand will result in a decline in sales. D. An increase in demand with no change in supply will result in an increase in sales.
Refer to the above figure. Which of the following statements is TRUE about the demand curves for an individual firm in a perfectly competitive industry and a monopoly?
A. Panel C is the demand curve for a perfectly competitive firm and panel B is the demand curve for a monopoly. B. Panel A is the demand curve for a perfectly competitive firm and panel B is the demand curve for a monopoly. C. Panel B is the demand curve for a perfectly competitive firm and panel A is the demand curve for a monopoly. D. Panel C is the demand curve for a perfectly competitive firm and panel A is the demand curve for a monopoly.