Horizontal equity holds that those with greater ability to pay should pay less.
Answer the following statement true (T) or false (F)
False
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Suppose that only one curve shifts. If you observe that the equilibrium price decreased while the equilibrium quantity increased, then the market experienced a/an:
A. decrease in supply. B. increase in demand C. increase in supply. D. decrease in demand.
Assume that soda and bottled water are substitutes. Given a downward sloping demand curve for bottled water, an increase in the price of bottled water will cause
A. a leftward shift of the demand curve for bottled water. B. a decrease in the demand for soda. C. a leftward shift in the demand for soda. D. an increase in the demand for soda .
Sam Lewis owns a firm in New York City's Garment District. If Sam keeps adding workers to use the same number of sewing machines, eventually the workplace will become so crowded that workers will get in each other's way. At this point
A) the marginal product of labor in Sam's business would be negative and his total output would decrease. B) Sam should encourage his workers to share their sewing machines. C) Sam's business will be in violation of safety rules that have been established by the New York City government. D) Sam should begin using a division of labor in his business.
The long-run aggregate supply curve is ________ because along it, as prices rise, the money wage rate ________
A) vertical; falls B) vertical; rises C) upward sloping; falls D) upward sloping; stays constant