If the demand for hair gel increases, the effect on the hair gel manufacturing job market will be to
A. Have no impact on equilibrium wages.
B. Decrease the demand for labor and reduce equilibrium wages.
C. Increase the demand for labor and increase equilibrium wages.
D. Reduce the supply of labor and increase equilibrium wages.
Answer: C
You might also like to view...
In 2012, the United States imposed countervailing duties ranging from 24 to 36% (on imports of about solar panels from China. Which of the following do you predict will happen if the United States decides to eliminate these duties?
a. The U.S. price of solar panels will fall. b. U.S. production of solar panels will rise. c. U.S. imports of Chinese solar panels will fall. d. The U.S. price of solar panels will rise.
A change in the average price level is called ________, while a change in the price of a specific good in comparison with other goods and services is called ________.
A. a change in a relative price; inflation B. a quality adjustment; a substitution bias C. a price level adjustment; a quality adjustment D. inflation; a change in a relative price
If you computed nominal GDP every year over a decade, which is fixed or held constant over these years?
A. prices B. quantities C. neither prices nor quantities
The government prefers an ad valorem tax to a specific tax that reduces the monopoly output by the same amount because
A) consumers are not harmed by the ad valorem tax. B) the monopoly prefers the ad valorem tax. C) consumers prefer the ad valorem tax. D) the ad valorem tax transfers more revenue from the monopoly to the government.