The wage rate found by the intersection of the market demand and supply curves for labor then determines the
A) firm's demand curve for labor.
B) firm's supply curve for labor.
C) labor's supply curve of labor.
D) labor's demand curve for jobs.
Answer: B
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Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability .If three bidders show up at the auction, and two of the bidders are high-value, what would the winning price be?
a. Just above $100 b. $100 c. Just above $70 d. $70
A favorable supply shock will cause inflation to
a. rise and shift the short-run Phillips curve right. b. rise and shift the short-run Phillips curve left. c. fall and shift the short-run Phillips curve right. d. fall and shift the short-run Phillips curve left.
The price elasticity of demand measures the responsiveness of:
A. firms to changes in demand. B. demand to a change in price of a substitute good. C. demand to a change in price. D. quantity demanded to a change in price.
On the basis of the information, it can be said that:
A. no coincidence of wants exists between any two states.
B. a coincidence of wants exists between Michigan and Washington.
C. a coincidence of wants exists between Texas and Washington.
D. a coincidence of wants exists between Michigan and Texas.