If the price of tanning salon sessions rises, then there will be a(n)
A. decrease in the demand for sessions.
B. decrease in the quantity of sessions demanded.
C. increase in the demand for sessions.
D. increase in the quantity of sessions demanded.
B. decrease in the quantity of sessions demanded.
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"Demand curves slope down, so the demand curve faced by a perfectly competitive firm must also be downward sloping." Do you agree or disagree? Why?
What will be an ideal response?
In the late 1970s, people feared that the introduction of computers into the workplace would create enormous unemployment because secretaries and data entry clerks would be unemployed. This was a baseless fear, at least for the long run, because
a. computers and employment are unrelated b. the elasticity of work with respect to technology is positive c. technologies that enhance productivity will reduce the supply of labor d. technologies that enhance productivity will reduce the demand for labor e. technologies that enhance productivity will increase the demand for labor
A bank's assets equal its liabilities under
a. both 100-percent-reserve banking and fractional-reserve banking. b. 100-percent-reserve banking but not under fractional-reserve banking. c. fractional-reserve banking but not under 100-percent-reserve banking. d. neither 100-percent-reserve banking nor fractional-reserve banking.
In the long run, policy that changes aggregate demand changes
a. both unemployment and the price level. b. neither unemployment nor the price level. c. only unemployment. d. only the price level.