Other things constant, how will a decrease in the wages of teenagers affect the market for fast food hamburgers?
a. The supply of fast food hamburgers will increase, leading to an increase in the price of hamburgers.
b. The supply of fast food hamburgers will increase, leading to a reduction in the price of hamburgers.
c. The supply of fast food hamburgers will decrease, leading to an increase in the price of hamburgers.
d. The supply of fast food hamburgers will decrease, leading to a reduction in the price of hamburgers.
B
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The situation where movers are less capable and less motivated than similarly educated people who don't migrate is called:
A. Backflow B. Brain drain C. Reverse migration D. Negative self-selection
A seller is willing to sell 5 units of a good at a minimum price of $1 per unit. The reservation value of the seller in this case is:
A) $1. B) $5. C) $6. D) $10.
When an effective production quota is applied in thee market for rice, the quantity produced _____ and the price ____. When an effective production quota is applied in the market for rice, the MSB ____ MSC.
Fill in the blank(s) with the appropriate word(s).
For the average total cost curve of a firm with economies of scale, what happens to costs as output increases?
(A) Costs go up. (B) Costs go down. (C) Costs initially go up and then go down. (D) Costs initially go down and then go up.