Which of the following would cause the labor demand curve to shift to the right?
A) a decrease in demand for the product the labor is used to produce
B) an increase in labor productivity
C) a decrease in the price of a complimentary resource
D) all of the above
B
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Refer to the table above. If the market is perfectly competitive, the equilibrium quantity of calculators is:
A) 3 units. B) 5 units. C) 6 units. D) 8 units.
Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ticket is $8, the quantity demanded for each person is 5 . When the price is $4, the quantity demanded for each person is 9 . Assuming the law of demand holds, which of the following choices is the most likely quantity demanded in the market when the price is $6?
a. 700 b. 1,200 c. 400 d. 1,000 e. 100
The presence of price controls in a market usually is an indication that
a. an insufficient quantity of a good or service was being produced in that market to meet the public's need. b. the usual forces of supply and demand were not able to establish an equilibrium price in that market. c. policymakers believed that the price that prevailed in that market in the absence of price controls was unfair to buyers or sellers. d. policymakers correctly believed that, in that market, price controls would generate no inequities of their own.
According to new classical economists, the most appropriate policy during a recession would be for the government to
a. increase the minimum wage. b. impose wage and price controls. c. cut taxes and increase the budget deficit. d. do nothing.