The demand for orthodontists' services falls as the proportion of the population that obtains braces falls. It may take several years before the new long-run equilibrium for the orthodontic labor market is attained. In the meantime, the orthodontic labor market experiences a
A. surplus.
B. quality decrease.
C. shortage.
D. excess demand.
Answer: A
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Using Excel, Big Pies Pizzas estimates the log-linear weekly demand function for their pizza to be ln Qd = 8.23 - (1.50 × ln P). If Big Pies Pizzas increases the price of their pizzas from $10 to $12, which of the following will occur?
A) The predicted quantity (Qd ^) will increase. B) The predicted quantity (Qd ^) will increase by approximately 52.48 pizzas. C) The predicted quantity (Qd ^) will decrease by approximately 28.39 pizzas. D) The predicted quantity (Qd ^) will decrease by approximately 62.89 pizzas.
If Danielle sells 300 wrist bands for $0.50 each, her total revenues are
a. $150. b. $299.50. c. $300. d. $600.
In the graph showing the data for the short-run and long-run Phillips curve from 1979–1987, the shift back to the natural rate of unemployment is represented by the move from ______.
a. Point D to Point E
b. Point D to Point F
c. Point E to Point F
d. Point F to Point D
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.