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
D. $17 and 135M, respectively
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A new country has been established on the moon and created a currency called cheesybits. Which of the following represents demand for cheesybits?
A. Luna lives on the moon and wants to travel to visit relatives in Japan. B. Moonbeam Incorporated, the largest company on the moon, sells building products for houses on the moon. C. Moonrock corporation needs new mining equipment that it buys from a manufacturer in Russia. D. Han is visiting the moon and wants to eat at his favorite restaurant, the Moonglow Bar and Grill.
Producer surplus is the difference between the lowest price a firm is willing to accept for a product and the price it actually receives for the product
Indicate whether the statement is true or false
"All else constant, consumers will purchase more of a good as the price falls." This statement reflects the behavior underlying:
A. a change in supply. B. the supply curve. C. the demand curve. D. a change in demand.
All of the following would affect the position of a country's production possibilities curve, except:
A. technological progress. B. the amount of the capital stock. C. the quantity of labor. D. the level of unemployment.