For more than a thousand years, the Catholic Church required its members to abstain from meat on Fridays. Catholics customarily ate fish on Friday. After 1966 abstinence from meat on Fridays was no longer required. Consequently, the
a. demand curve for fish shifted to the right.
b. demand curve for fish shifted to the left.
c. demand for meat decreased.
d. price of fish increased.
b
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In the above figure, along which range would the demand for this good be most elastic?
A) between point a and point b B) between point c and point d C) between point d and point e D) at point e
Refer to the above figure. Which panel represents what happens in the foreign job market in the short-run when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.?
A) Panel A B) Panel B C) Panel C D) Panel D
Consumption expenditure tends to increase when consumers have higher levels of debt
a. True b. False Indicate whether the statement is true or false
Briefly explain the four rationales for efficiency wages