The market supply curve for labor is the relationship between the wage and the quantity of labor that:
A. all workers are willing to provide.
B. any given worker is willing to provide.
C. all firms are willing to employ.
D. any given firm is willing to employ.
Answer: A
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If a technological advance makes it possible to produce computers at a lower cost
A) the demand for computers decreases. B) the demand for computers increases. C) the supply of computers increases. D) the supply of computers decreases.
There is empirical evidence on adverse selection in the used car market. One researcher found that owners of ________ try to sell them to ill-informed buyers while those of ________ cars try sell them to friends and family
a. lemons; good b. lemons; bad c. wrecked ones; expensive d. expensive ones; good
Assume two goods are substitutes. Ceteris paribus, a decrease in the price of one good will cause the equilibrium price of the other good to
A. Decrease and the equilibrium quantity of the other good to decrease. B. Decrease and the equilibrium quantity of the other good to increase. C. Increase and the equilibrium quantity of the other good to decrease. D. Increase and the equilibrium quantity of the other good to increase.
The rich pay a _____ proportion of their income and a _____ dollar amount of federal income tax than the middle class.
A. higher; higher B. lower; lower C. higher; lower