Holding other factors constant, if oil prices rise relative to the prices of other products, then the real wages of oil workers will ________ and employment of oil workers will ________.
A. decrease; not change
B. decrease; increase
C. increase; increase
D. increase; decrease
Answer: C
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Suppose that Chris had been charging $1.00 per pound for potatoes. When Chris lowered the price to $0.90 per pound, his total revenue fell. When Chris raised the price to $1.10, total revenue also fell. Which of the following could explain this?
A. The price elasticity of demand for potatoes is 1 at a price of $1.00 per pound. B. $1.00 is the equilibrium price for potatoes. C. $1.10 is more than Chris's customers' reservation prices. D. At 90 cents, there is excess demand for potatoes.
Rate of return regulation sets the price at a level that enables the regulated firm to earn a specified target percent return on its
A) total cost. B) sales revenue. C) capital. D) variable cost.
Historically, the leading official reserve asset was
A) gold. B) the U.S. dollar. C) the British pound. D) the German mark.
It is easy to manage cartels in an industry that produces seasonal goods
a. True b. False Indicate whether the statement is true or false