People base their labor supply on the ________ because they care about ________
A) real wage; what their earnings will buy
B) real wage; the equality of money wages and the price level
C) money wage; a surplus of labor
D) money wage; the amount of labor firms demand
A
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Some nonprice determinants of supply are:
A. prices of related goods, technology, prices of inputs, expectations, and the number of sellers. B. consumer preferences, the price of the good, and prices of related goods. C. expectations of sellers and number of buyers in the market. D. prices of related goods, technology, and consumer preferences.
In an effort to prepare for war, the Defense Department is required by Congress to stockpile helium, once used to provide lift for blimps (phased out in the 1960s). About 100 years of total U.S. usage of helium is in storage. The Pentagon agrees to buy helium from producers at a price above what would otherwise prevail in the marketplace. Is this likely to result in efficiency? Explain
Critics of advertising argue that advertising
a. creates desires that otherwise might not exist. b. enhances competition. c. benefits television viewers who enjoy TV commercials. d. All of the above are correct.
The midpoint formula for elasticity of demand solves the problem of:
A. whether elasticity of demand is really positive or negative. B. whether to use quantity or price in the numerator. C. which price or quantity to use as the initial value of the variable. D. whether to use quantity demanded or supplied.