If the number of employers for a particular type of labor increases, which of the following shifts should occur in the labor market for the particular type of labor?
A. Demand for labor should shift to the left.
B. Demand for labor should shift to the right.
C. Supply of labor should shift to the right.
D. Supply of labor should shift to the left.
Answer: B
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Consumer surplus can be defined as the difference between:
a) the demand curve and the price of the good. b) the supply curve and the price of the good. c) the supply curve and the demand curve. d) the price charged by sellers and the price paid by buyers.
Aggregate demand determines output in the short run if prices are flexible
Indicate whether the statement is true or false
Which of the following most clearly illustrates the concept of derived demand?
a. An increase in the price of steak causes the demand for poultry to increase. b. An increase in the demand for new houses leads to an increase in the demand for construction workers. c. An increase in consumer income leads to an increase in the demand for services provided by the government. d. An increase in the demand for new cars causes the demand for used automobiles to rise.
Under the conditions of monopolistic competition, if a firm is earning economic profits in the short run:
A. prices are higher in the long run than in the short run. B. firm profits are higher in the long run than in the short run. C. average costs of production are higher in the long run than in the short run. D. long-run economic profits are positive.