The demand for ________ is a ?derived demand.?
A. a hair stylist by a salon owner
B. tax-free municipal bonds
C. a birthday cake for your brother
D. ice cream cones on a hot day
Answer: A
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Refer to Scenario 4 . Assume that the state originally spent one-half of its budget on schools and one-half on prisons
What was the production of schools and prisons? Could the same number be achieved after the price of producing prisons falls to $1.5 million and the price of producing schools rises to $2 million? Explain.
Which of the following statements accurately characterizes the Homestead Act of 1862?
a. Southerner plantation owners were strongly opposed to the passage of this legislation. b. This legislation outlined the legal means by which a territory could become a state. c. Only farmers with families could purchase land made available by this legislation. d. This legislation made available some of the most fertile farming land in the U.S., yielding great benefits for small farmers.
If the cost of production of the firms in a perfectly competitive market differs the resulting long-run supply curve will be an upward rising step function
Indicate whether the statement is true or false
If there are powerful buyers in a labor market, the use of the supply-and-demand model to analyze labor markets
A. will cause you to believe that fewer people will be hired than will be. B. will cause you to believe the wage will be lower than it is. C. is completely accurate. D. will cause you to believe that more people will be hired than will be.