In Figure 10.3, a decrease in the supply of labor will cause the equilibrium:
A. wage and hours of labor used to increase.
B. wage and hours of labor used to decrease.
C. wage to increase and hours of labor used to decrease.
D. wage to decrease and hours of labor used to increase.
Answer: C
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Refer to the accompanying figure. Suppose the solid line shows the demand for coffee. If coffee and tea are substitutes, and the price of tea falls, then you would expect:
A. an increase in the quantity of coffee demanded, but no shift in the demand curve. B. a decrease in the quantity of coffee demanded, but no shift in the demand curve. C. the demand curve to shift to D(B) D. the demand curve to shift to D(A).
If marginal costs increase, a monopolist will:
A. decrease price and increase output. B. decrease both price and output. C. increase price and decrease output. D. increase both price and output.
Restaurants like to give away free salty peanuts while you wait for your food in order to encourage you to
A. Buy more beverages. B. Buy expensive salty food on the menu. C. buy more peanuts at the souvenir shop. D. None of the choices are correct.
A checking deposit in a bank is considered ________ of that bank.
A. capital B. a liability C. net worth D. an asset