If the labor supply curve is upward-sloping, an adverse supply shock causes ________ in employment and ________ in the real wage
A) no change, a decrease
B) a decrease, a decrease
C) a decrease, no change
D) a decrease, an increase
E) an increase, an increase
B
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There has been a decrease in investment. As a result, real GDP will ________ in the short run, and ________ in the long run
A) increase; decrease to its initial value B) decrease; decrease further C) decrease; increase to its initial level D) increase; increase further
Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. Tomaso faces ________ opportunity costs in the production of pizzas and calzones
A) decreasing B) constant C) increasing D) negative
For firms operating in a perfectly competitive market, price must always be greater than marginal revenue
a. True b. False Indicate whether the statement is true or false
the question using the following data, which show all available techniques for producing 20 units of a particular commodityAssuming that the firm is motivated by self-interest and that the 20 units that can be produced with each technique can be sold for $2 per unit, the firm will
What will be an ideal response?