A slump in one industry could increase the relative attractiveness of another industry:
A. increasing the quantity of labor supplied in the latter.
B. decreasing the quantity of labor supplied in the latter.
C. increasing the quantity of labor demanded in the latter.
D. decreasing the quantity of labor demanded in the latter.
A. increasing the quantity of labor supplied in the latter.
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Perfect competition is characterized by all of the following EXCEPT
A) a large number of buyers and sellers. B) no restrictions on entry into or exit from the industry. C) considerable advertising by individual firms. D) buyers and sellers are well informed about prices. E) firms produce an identical product.
How does elasticity affect a company's pricing policy?
(A) If demand is unitary elastic, the company knows that a decrease in price would decrease total revenues. (B) If demand is unitary elastic, the company knows that an increase in price would increase total revenues. (C) If demand is elastic at the current price, the company knows that an increase in price would reduce total revenues. (D) If demand is inelastic at the current price, the company knows that an increase in price would reduce total revenues.
Those who see the matinee have a demand for movies that is on average _____________ elastic than those who see the evening show.
a. more b. less c. equally d. either more or less depending on the characteristics of the consumer
The account that records a nation's foreign economic transactions is called the
a. trade account. b. T account. c. exchange market. d. balance of payments.