A rightward shift in market supply curve could be caused by:
A.) An improvement in technology.
B.) An increase in the market price.
C.) An increase in wages.
D.) The expectation that the market price will fall in the future.
A.) An improvement in technology.
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Based on the information in the above table, what is the unemployment rate? What is the labor force participation rate?
What will be an ideal response?
Explain whether you agree or disagree with the following statement: "The reason that inflation is bad is because it increases the cost of living — the costs of goods and services we buy — without increasing income in general."
What will be an ideal response?
Consider a technological improvement that raises labor's marginal product. Explain why the subsequent effect on the labor market is different when the improvement is temporary as compared to when it is permanent.
What will be an ideal response?
If Juan purchases the same number of gallons of gasoline per week regardless of changes in gasoline price, Juan's demand for gasoline is:
A. perfectly elastic. B. elastic. C. perfectly inelastic. D. inelastic.