Which of the following statements is correct?
A. If demand increases and supply decreases, equilibrium price will fall.
B. If supply increases and demand decreases, equilibrium price will fall.
C. If demand decreases and supply increases, equilibrium price will rise.
D. If supply declines and demand remains constant, equilibrium price will fall.
Answer: B
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Refer to the below graph of the market for low-skilled labor. Sd is the supply of domestic resident workers, and St is the total supply of labor including undocumented workers. What is the equilibrium wage rate and equilibrium employment if there were no illegal immigration?
A. $14 and 142M, respectively
B. $13 and 135M, respectively
C. $14 and 120M, respectively
D. $17 and 135M, respectively
If the total cost of producing 20 ceramic vases is $240, what is the average total cost of producing a single vase?
a. $240/20 = $12 b. $240 × 20 = $4,800 c. 20/$240 = $0.08 d. $240 – 20 = $220
One of the costs associated with predictable inflation is:
A. overheads. B. tax distortions. C. the re-distribution of purchasing power. D. budget charges.
Recall the Application about cultural factors in England and their relevance to the Industrial Revolution to answer the following question(s). According to the Application, the cultural habits of the rich filtered down through English society. These habits included all of the following virtues EXCEPT:
A. thrift. B. prudence. C. hard work. D. impulsive behavior.