An increase in the real wage rate will cause
A) the labor demand curve to shift to the right.
B) the labor demand curve to shift to the left.
C) the quantity of labor demanded to rise.
D) a movement along the labor demand curve.
D
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For a good that is taxed, the area on the relevant supply-and-demand graph that represents government's tax revenue is
a. smaller than the area that represents the loss of consumer surplus and producer surplus caused by the tax. b. bounded by the supply curve, the demand curve, the effective price paid by buyers, and the effective price received by sellers. c. a right triangle. d. a triangle, but not necessarily a right triangle.
The marginal cost curve intersects the average total cost curve when average variable costs are:
A. at a minimum. B. falling. C. at a maximum. D. rising.
A farmer producing bushels of soybeans in the perfectly competitive soybean industry is currently maximizing profits. If the market price of soybeans increases and the farmer adjusts output to the new price, he will produce ________ soybeans and make ________ profit.
A. the same bushels of; the same B. fewer; the same C. more; more D. fewer; less
An increase in U.S. imports from Switzerland increases the ________ for U.S. dollars and increases the ________ of Swiss francs.
A. supply; supply B. supply; demand C. demand; supply D. demand; demand