Consider the labor market for short-order cooks. An increase in immigration will cause
a. both equilibrium wages and equilibrium employment to increase.
b. both equilibrium wages and equilibrium employment to decrease.
c. equilibrium wages to increase and equilibrium employment to decrease.
d. equilibrium wages to decrease and equilibrium employment to increase.
d
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Refer to the figure above. When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the shortage in the market if the price is $4?
A) 0 units B) 10 units C) 20 units D) 40 units
A traditional system solves basic economic questions by long-standing customs
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT a reason why the effects of tax cuts on government spending dissipate and each additional change in consumption and income becomes smaller and smaller?
A) Some of the increase in income will be lost through taxation. B) Some of the increase is saved and does not result in an increase in consumer demand. C) Some of the increase in consumption will be an additional demand for imported goods. D) Some of the increase is used for business investment.
Refer to the diagram. If labor is the only variable input, the average product of labor is at a:
A. minimum at point b.
B. maximum at point b.
C. maximum at point a.
D. maximum at point c.