If the price of labor falls, we can expect:
A. demand for labor will increase.
B. quantity demanded of labor will increase.
C. demand for labor will decrease.
D. quantity demanded of labor will decrease.
Answer: B
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Refer to the scenario above. Which of the following is likely to be true in this case?
A) A unique Nash equilibrium will occur. B) A socially inefficient equilibrium will occur. C) Multiple equilibria will occur. D) A dominant strategy equilibrium will occur.
If decision makers have limited ability to calculate profits from all possible combinations of options, they are said to have
A) dementia. B) bounded rationality. C) Pareto inefficiency. D) a maximin problem.
If the required reserve ratio is 20 percent and the Fed buys a $10,000 security from a depository institution that currently has no excess reserves, the money supply: a. decreases by $10,000. b. increases by $5,000
c. decreases by $5,000. d. increases by $50,000. e. decreases by $50,000.
Refer to the figure below. If the demand curve can be characterized by the equation Q = 10 - P, how much increase in consumer surplus will occur when the price of avocados falls from $2.89 to $1.35?
