The labor supply curve:
A. is made up of firms who want to hire workers at each given wage.
B. is made up of workers who want to work for firms at each given wage.
C. shows number of firms who are willing and able to hire workers at each given wage.
D. shows that the number of firms who want to hire workers decreases as the wage increases.
B. is made up of workers who want to work for firms at each given wage.
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All else equal, when oil prices increase, people are ________ to look for oil substitutes. This will ________ the number of years it will take to deplete the stock of oil
A) discouraged; increase B) discouraged; decrease C) encouraged; increase D) encouraged; decrease
Marginal revenue is defined as
A. the change in total revenue from a unit change in price. B. the change in average revenue from a one-unit change in output. C. the change in total revenue from a one-unit change in output. D. the change total cost from a one-unit change in output.
A(n) ______ is a graphical representation that shows the inverse relationship between price and the quantity a single buyer is willing and able to buy.
a. market supply curve b. market demand curve c. individual supply curve d. individual demand curve
One important consequence of migration is:
A. demographic shifting in both countries. B. population growth in both countries. C. remittances received by sending countries. D. increased output in receiving countries.