Everything else remaining unchanged, a sudden increase in the price of oil is likely to cause a(n):
A) downward movement along the demand curve for labor.
B) leftward shift in the demand curve for labor.
C) upward movement along the demand curve for labor.
D) rightward shift in the demand curve for labor
B
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Refer to the scenario above. If there is fairness penalty of $12, ________
A) this game will no longer have a Nash equilibrium B) this game will have two Nash equilibria C) Nash equilibrium will occur when both of you choose "friend" D) Nash equilibrium will occur when both of you choose "foe"
If the expected inflation rate rises from 3% to 5% when the nominal interest rate is 4%, the Fisher effect asserts that the nominal interest rate would
A) not change. B) rise to 6%. C) fall to 2%. D) fall to 3%.
The above figure shows the short run cost curves for a typical firm in a competitive market. If price = 8, then the firm
A) is earning positive profits. B) should produce 50 units. C) should shut down. D) None of above.
An increase in total revenue will result if
A) demand is inelastic and price decreases. B) demand is elastic and price decreases. C) demand is elastic and price increases. D) demand is unitary elastic and price increases.