The longer any price change lasts over time, the
A. more difficult it is to alter quantity demanded.
B. the more quickly quantity demanded will return to its original level.
C. more quantity demanded will change.
D. the longer the short-run equilibrium will continue to be the short-run equilibrium.
Answer: C
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The table above shows the demand for labor and supply of labor schedules for low-skilled labor. If the labor market is competitive, what is the wage rate of low-skilled labor and what is the quantity of low-skilled labor employed?
A) $6 an hour; 60 hours a day B) $6 an hour; 65 hours a day C) $4 an hour; 70 hours a day D) $4 an hour; 55 hours a day
Is beer taxation a regressive, proportional, or progressive tax if viewed as a point in time? Please explain your answer. What about if viewed over a person's lifetime? If your answer changes, please explain why
What will be an ideal response?
The backward-bending supply curve of labor applies to _____
a. individuals b. groups c. the economy as a whole d. theoretical models
If a competitive firm cannot earn profit at any level of output during a given short-run period, then which of the following is LEAST likely to occur?
A) It will shut down in the short run and wait until the price increases sufficiently. B) It will exit the industry in the long run. C) It will operate at a loss in the short run. D) It will minimize its loss by decreasing output so that price exceeds marginal cost.