When Harlan County, Kentucky, has a monopsony coal mining firm,
a. d and e.
b. workers will work for the firm that pays the higher wage.
c. coal buyers will continue to buy coal from other counties.
d. coal miners will only have one employer.
e. wages will be determined only by the demand for labor.
d
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A reduction in the demand for labor will cause
A. wages to increase and employment to decrease. B. wages to decrease and employment to increase. C. wages to increase and employment to increase. D. wages to decrease and employment to decrease.
In what way are other assets less liquid than money?
What will be an ideal response?
If there is an increase in the demand for automobiles, and at the same time auto workers receive a substantial raise, what will happen to equilibrium price and quantity in the automobile market?
a. Price and quantity will rise. b. Price and quantity will fall. c. Price will rise; quantity will fall. d. Quantity will rise; price change cannot be determined. e. Price will rise; quantity change cannot be determined.
If equilibrium GDP is below potential, then
a. unemployment is unusually low b. the Fed will lower the money supply c. the wage rate will fall as workers compete for scarce jobs d. the aggregate supply curve will shift leftward e. the wage rate will remain stable as labor productivity increases