If a good is labor intensive it means that the good is produced
A) using relatively more labor than goods that are not labor intensive.
B) using labor as the only input.
C) using more labor per unit of output than goods that are not labor intensive.
D) using labor such that the total cost of labor is greater than the total cost of capital.
E) using labor such that the cost of labor is more than 50% of total cost.
A
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Refer to Figure 7-1. The market equilibrium quantity is ________ thousand vaccinations
A) 100 B) 200 C) 300 D) >300
Based on the answer above, the price for laptops _____________ and the quantity supplied for laptops ____________
a. Increase; increase b. Increase; decrease c. Decrease; increase d. Decrease, decrease
Consider the same market for nonalcoholic beer as in the previous question. How many units will Boors produce in the Nash equilibrium?
a. 1,333 b. 2,333 c. 3,333 d. 4,333
In graph a, why does q1 move to q2?
a. When firms leave the market, the demand increases for the firms remaining, causing quantity to increase for each firm.
b. When firms leave the market, the price decreases for the firms remaining, causing quantity to increase for each firm.
c. When firms leave the market, the demand decreases for the firms remaining, causing quantity to decrease for each frim.
d. When firms leave the market, the price increases for the firms remaining, causing quantity to decrease for each firm.