The demand for labor is likely to decrease if
a. there is a rise in the demand for the good it produces
b. the price of a complementary input falls
c. the price of a substitute input rises
d. there is a decline in the demand for the good it produces
e. there is an increase in the number of firms in the market
D
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The rate of return on an investment in medical education
a. is inversely related to the length of time spent in formal schooling. b. is inversely related to income. c. will increase with an increase in the availability of student loans. d. is much higher than the rate of return on an undergraduate business degree. e. is inversely related to the number of years in the profession.
Which of the following best resembles a perfectly competitive market?
a. a stock market b. the book publishing industry c. the steel industry d. the used car industry
Which of the following statements best describes the outcome of a change in demand?
a. A change in the demand of a good never causes the demand curve for that good to shift. b. A change in the demand of a good never causes the demand or supply curve for that good to shift. c. A change in the demand of a good never causes the supply curve for that good to shift. d. A change in the demand of a good causes the demand and supply curves for that good to shift.
Exhibit 6A-1 Budget line
?
?As shown in Exhibit 6A-1, a leftward shift in the budget line from CD to AB would result from:
A. ?a price reduction in good X. B. ?a price reduction in good Y. C. ?a decrease in consumer income. D. ?an increase in consumer income.