The mountainous terrain of a particular town allows its inhabitants to produce only coffee or eucalyptus oil. An increase in the opportunities for workers employed in coffee plantations is likely to:
a. shift the labor demand curve for the eucalyptus industry leftward.
b. shift the labor demand curve for the eucalyptus industry rightward.
c. shift the labor supply curve for the eucalyptus oil industry leftward.
d. shift the labor supply curve for the eucalyptus oil industry rightward.
c
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For which of the following products is demand likely to be least elastic with respect to price?
A. Green beans B. Vegetables C. Food D. Green vegetables
If a monopolist can sell 7 units when the price is $4 and 8 units when the price is $3, then the marginal revenue of selling the eighth unit is equal to
a. $3. b. $4. c. $24. d. -$4.
Which is an example of a nontariff barrier (NTB)?
A. An export subsidy. B. An excise tax on the physical volume of imported goods. C. Box-by-box inspection requirements for imported fruit. D. An excise tax on the dollar value of imported goods.
Assume that the hourly price for the services of personal trainers has risen and sales of these services have also risen. One can conclude that
A) the law of demand has been violated. B) the number of personal trainers has increased. C) the demand for personal trainers has increased. D) personal trainers are deliberately charging high prices because they provide services for wealthy clients.