Refer to the above table. Suppose Buyer 2 leaves the market. What is the new market quantity of DVDs demanded at a price of $10?
A. 22
B. 33
C. 25
D. 8
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. When an increase in marginal productivity increases workers' nonlabor income, the effect on the quantity of labor supplied is ambiguous. 2. A permanent increase in workers' marginal productivity causes employment to rise by more than if the increase were temporary. 3. A technological improvement that is permanent is more likely to raise employment than one that is temporary. 4. Education is partly investment but also partly consumption. 5. All other things being equal, firms that provide on-the-job training to workers will tend to pay higher wages.
According to the graph shown, if this economy were an autarky, consumers would get area:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. A in consumer surplus.
B. ABC in consumer surplus.
C. ABCD in consumer surplus.
D. ABCDEFG in consumer surplus.
Which of the following does the law of demand specifically imply?
a. If the product price increases, quantity demanded will decrease. b. If consumer income increases, quantity demanded will increase. c. If the product price increases, quantity demanded will increase. d. If consumer income increases, quantity demanded will decrease. e. If supply increases, demand will increase.
Answer the following statement(s) true (T) or false (F)
1. Good fringe benefits will cause a rightward shift of a firm’s labor supply curve. 2. Monopsony exists when demand for labor and the quantity of labor supplied are at equilibrium. 3. Monopsony is considered good for workers because it evens out the difference between union and nonunion wages. 4. Membership in labor unions is higher in the private sector than in the public sector. 5. The percentage of workers who are union members has decreased dramatically since the 1970s.