When a resource supply curve slopes upward, as it usually does, earnings consist of both opportunity cost and ________ ________
a. actual costs
b. economic rent
c. actual pay
d. it only consists of opportunity costs
b
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An increase in the real wage would result in a
A) movement along the labor demand curve, causing an increase in the number of workers hired by the firm. B) shift of the labor demand curve, causing an increase in the number of workers hired by the firm. C) movement along the labor demand curve, causing a decrease in the number of workers hired by the firm. D) shift of the labor demand curve, causing a decrease in the number of workers hired by the firm.
The current price of concert t-shirts is $20 each, and the company has been selling 400 per week. If price elasticity is 2.5 and the price changes to $21, how many t-shirts will be sold per week?
Price elasticity of demand tends to be larger in the long run than in the short run. Which of the following is consistent with the reason why?
a. Because people see fewer and fewer substitutes for the good in the long run. b. Because if price rises, over time producers will be able to offer more substitutes. c. Because over time the good will become a smaller and smaller share of peoples' budget. d. Because over time people's incomes rise.
As with other Microsoft Office applications, the ___________ along the top of the interface contains the controls used to develop and manipulate your project data.
A. File Tab B. Task Tab C. Ribbon Bar D. Project Tab