When the price of labor increases, the substitution effect will ________ the quantity of labor demanded and the output effect will ________ it
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
D
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What will be an ideal response?
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a. an increase in demand b. a decrease in demand c. a decrease in supply d. a lower price ceiling
Does the restoration of historic buildings create a positive externality or does it create a negative externality?
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What will be an ideal response?