Pork from pigs can be used to produce bacon or sausage, but not both. If the price of bacon rises for some reason, then, everything else equal:
a. the price of sausage will rise
b. the price of sausage will fall.
c. the resources used to raise pigs will become less expensive.
d. the demand for bacon will decrease.
a
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Demand for labor is
A. derived demand. B. highly elastic. C. dependent on its supply. D. directly proportional to capital employed.
According to the National Bureau of Economic Research, the recession that began in December 2007
A) lasted 12 months. B) lasted 18 months. C) lasted 27 months. D) did not end until December 2011.
Given the scenario described, if the market price of hammers was $10, then:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. only House Depot would gain surplus by supplying hammers to the market. B. only House Depot and Lace Hardware would gain surplus by supplying hammers to the market. C. House Depot, Lace Hardware, and Bob's Hardware would all supply hammers to the market, but Bob's would lose surplus. D. only House Depot and Bob's Hardware would supply hammers to the market.
The quantity of imports will increase when there is
A) a reduction in the real exchange rate. B) an increase in domestic output. C) an increase in foreign output. D) all of the above E) none of the above