A "decrease in the quantity supplied" suggests a:
a. Movement up along the supply curve
b. Movement down along the supply curve
c. Leftward shift of the supply curve
d. Rightward shift of the supply curve
b. Movement down along the supply curve
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The question "How are goods and services produced?" most closely addresses which of the following issues?
A) Should Ford build SUVs or luxury cars? B) Should Ford use expensive industrial robots or inexpensive Mexican autoworkers to produce SUVs? C) Should contractors build residential housing or shopping malls? D) Is income distributed fairly in the United States? E) Why are Christmas trees popular only in December?
Consider the labor market for heath care workers. Because of the aging population in the United States, the output price for health care services has increased. Holding all else equal, the equilibrium quantity of health care employees would
a. increase. b. decrease. c. not change. d. It is not possible to determine what happens to the equilibrium quantity.
Protectionist legislation is often passed because:
A. employers in the affected industry lobby more effectively than the workers in that industry. B. both employers and workers in the affected industry lobby for protectionist policies. C. trade restrictions often benefit domestic consumers in the long run, though they must pay more in the short run. D. it helps to keep domestic prices at a relatively lower level.
The Wall Street Journal magazine offers a significant discount to students who purchase a one-year subscription. If the reason for the discount is price discrimination, we can conclude that:
A. students have a less elastic demand for newspapers than does the general public. B. there is no difference between a student's elasticity of demand for newspapers and any other person's elasticity of demand. C. students have a more elastic demand for newspapers than does the general public. D. students have a perfectly inelastic demand for newspapers.