The table above gives information about the labor market in Lantis, a community in which the labor market is perfectly competitive
If the demand for labor decreases by 200 hours per day, the equilibrium wage rate falls to ________ an hour and the quantity of labor employed ________ hours per day. A) $10; remains at 400
B) $10; decreases to 300
C) $20; increases to 400
D) $5; remains at 200
B
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In the United States there is evidence of:
A. increasing wage inequality. B. an increase in the proportion of the population over 16 employed since 2000. C. an increase in in job creation since 2000. D. increasing wage equality.
If you take out a bank loan prior to unanticipated inflation
A) your bank will gain at your expense. B) you will gain at the expense of your bank. C) it will be harder for you to repay the loan because of the inflated dollar. D) neither you nor your bank will be affected, because the loan was made prior to the inflation.
Wendell just read an article that says scientists have proven that processed cheese food increases brain power. We would expect Wendell's demand for processed cheese food to:
A. increase and shift to the right. B. increase and shift to the left. C. decrease and shift to the right. D. decrease and shift to the left.
Today's supply curve of dorm rooms on campus is likely to be
a. downward sloping b. relatively flat c. vertical d. horizontal e. price elastic