Which of the following is not a leading actor in labor markets?
A. workers
B. government
C. firms
D. consumers
E. unions
Answer: D
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Will a large increase in the demand for a good cause a large increase in its price?
A) No; an increased demand is associated with lower prices. B) Not if the demand for the good is highly elastic. C) Not if the demand for the good is highly inelastic. D) Not if the supply of the good is highly elastic. E) Not if the supply of the good is highly inelastic.
For a normal good, the income and substitution effect work in the same direction. For an inferior good, the income and substitution effects work in opposite directions
Does this imply that the demand curve for an inferior good is upward sloping? Explain.
A tax on suppliers will cause the supply curve to shift
A. up. B. down. C. right. D. left.
Markets do not always allocate resources efficiently, however, government always does
a. True b. False