Consider a labor market in equilibrium. If the demand curve shifts to the left while the supply curve shifts to the left, then the number of workers hired in the market will:
A. increase.
B. decrease.
C. remain unchanged.
D. either increase or decrease or remain unchanged.
Answer: B
You might also like to view...
In a free-market economy, a product that entails a positive externality (additional social benefit) will be
A. overproduced. B. produced at the optimal level. C. underproduced. D. provided solely by the government.
A higher price level causes
A) the C + I + G + X curve to shift u
The price elasticity of demand for bread
a. is computed as the percentage change in quantity demanded of bread divided by the percentage change in price of bread. b. depends, in part, on the availability of close substitutes for bread. c. reflects the many economic, social, and psychological forces that influence consumers' tastes for bread. d. All of the above are correct.
A surplus of a product will arise when price is:
A. above equilibrium, with the result that quantity demanded exceeds quantity supplied. B. above equilibrium, with the result that quantity supplied exceeds quantity demanded. C. below equilibrium, with the result that quantity demanded exceeds quantity supplied. D. below equilibrium, with the result that quantity supplied exceeds quantity demanded.