Refer to Figure 31.2. What is the competitive level of wages and employment?
A. $11 per hour and 50 workers.
B. $6 per hour and 40 workers.
C. $7 per hour and 50 workers.
D. $9 per hour and 40 workers.
Answer: C
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When the government passes a law making a particular good illegal, does it matter for the black market price and quantity if the penalties for breaking the law are imposed on the buyers or on the sellers?
What will be an ideal response?
Refer to Table 9-13. Consider a simple economy that produces only three products: tacos, earplugs, and toothbrushes. Use the information in the table to calculate the inflation rate for 2016, as measured by the consumer price index
What will be an ideal response?
A well-functioning market will have high monetary costs applied to high opportunity costs
a. True b. False Indicate whether the statement is true or false
If an increase in the price of one good causes the demand curve for another good to shift to the right, then the two goods are:
A. substitutes. B. complements. C. normal. D. unrelated.