If at a particular price level, real output from producers is greater than real output desired by purchasers, then there will be a general:
A. Surplus and the price level will rise
B. Surplus and the price level will fall
C. Shortage and the price level will rise
D. Shortage and the price level will fall
B. Surplus and the price level will fall
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If the cost of hiring workers increases but the marginal benefit remains unchanged, employers are likely to respond by hiring ________ at any given wage
A) more workers B) immigrant workers C) fewer workers D) teenaged workers
If the supply curve for a product is horizontal, then the elasticity of supply is: a. equal to zero
b. equal to one. c. greater than one but less than infinity. d. equal to infinity.
Which of the following events can cause the labor-supply curve to shift?
a. an increase in the wage rate b. an increase in the price of output c. an increase in the rate of immigration d. a technological advance
Suppose that in a month the price of a liter of soda increases from $1 to $1.50. At the same time, the quantity of liters of soda supplied increases from 200 to 210. The price elasticity of supply for liters of soda (calculated using the initial value formula) is:
A. negative. B. inelastic. C. unit elastic. D. elastic.