A demand schedule is a table that shows the relationship between
a. quantity demanded and quantity supplied.
b. income and quantity demanded.
c. price and quantity demanded.
d. price and income.
c
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Price floors set a legal minimum price on a product or commodity.
Answer the following statement true (T) or false (F)
By definition, a firm that practices satisficing
A. maximizes its sales, not its profits. B. makes acceptable decisions, though not necessarily optimal ones. C. satisfies government guidelines instead of consumer demands. D. minimizes the cost of gathering enough information to make an optimal decision.
A labor union composed of workers in the same occupation is called
A) a craft union. B) an industrial union. C) a company union. D) a closed shop.
In a competitive labor market, if the demand for labor decreases, labor demand will shift to the:
A. right and wages will increase. B. left and wages will increase. C. right and wages will decrease. D. left and wages will decrease.