When the price of tablets goes up and fewer tablets are purchased, this is representative of the
A) law of demand.
B) law of supply.
C) law of market operations.
D) law of increasing costs.
A
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Consider this quote from an article in the Wall Street Journal: "The stock of educated workers isn't increasing fast enough to keep up with rising demand
Employers are paying the typical four-year college graduate [without graduate school] 75% more than they pay high-school grads. Twenty-five years ago, they were paying 40% more. Employers insist on ever better-educated, skilled workers. " Source: David Wessel, "Lack of Well-Educated Workers Has Lots of Roots, No Quick Fix," Wall Street Journal, April 19, 2007, A) The demand for high-school educated workers shifted to the left faster than the supply of college educated workers shifted to the right. B) The supply of high-school educated workers shifted to the right faster than the demand for college educated workers shifted to the right. C) The demand for college educated workers shifted to the right faster than the supply of college educated workers shifted to the right. D) The demand for college educated workers shifted to the right while the supply of college educated workers shifted to the left.
An adverse supply shock with a vertical supply of labor curve will
A) raise the price level and leave unemployment unchanged. B) raise unemployment and lower the price level. C) raise both unemployment and the price level. D) lower both unemployment and the price level.
Using the information in the table shown, the marginal revenue for the 4th unit is:
This table represents the revenues faced by a monopolist.
A. higher than that of the 3rd unit.
B. lower than that of the 3rd unit.
C. the same as that of the 3rd unit.
D. That cannot be calculated from the information given.
An economic system in which money is not used is a:
A. mixed economy. B. barter economy. C. planned economy. D. market economy.