The demand for computers increases. As a result
A. the wage rate increases in the industry and the quantity supplied of workers increases.
B. the wage rate increases in the industry and the quantity demanded of workers falls.
C. the quantity demanded of workers increases, the wage rate rises, and the supply of labor increases.
D. the demand for workers increases, hiring increases, but wages stay the same since each firm faces a horizontal supply curve of labor.
Answer: A
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Marginal cost is equal to the
A) change in total cost divided by the change in output. B) change in average total costs divided by the change in output. C) change in average product divided by the change in output. D) change in total product divided by the change in output.
When quantity demanded is greater than quantity supplied, there is a _____________.
Fill in the blank(s) with the appropriate word(s).
How does the short-run equilibrium of a monopolistic competitor differ from a monopolist? How does it differ from a perfect competitor?
What will be an ideal response?
If the price elasticity of demand is computed for two products, and product A measures 0.65, and product B measures 1.3, then
a. product A is more price elastic than product B. b. product B is more price elastic than product A. c. consumers are more sensitive to price changes in product A than in product B. d. product B is more price inelastic than product A. e. products A and B must be substitutes.