Suppose the market for pizza makers is initially in equilibrium, but then the equilibrium wage rate increased and the equilibrium quantity of labor will decreased. What happened in the market for pizza makers?
A) The demand for pizza makers increased.
B) The demand for pizza makers decreased.
C) The supply for pizza makers decreased.
D) The supply for pizza makers increased.
Answer: C
You might also like to view...
Which of the following is true of perfectly competitive firms?
a. For a perfectly competitive firm, as long as the price derived from expanded output exceeds the marginal cost of that output, the expansion of output creates additional economic profits. b. Producing at the profit-maximizing output level means that a firm is actually earning economic profits c. A competitive firm earning zero economic profit will be unable to continue in operation over time. d. A perfectly competitive firm will operate in the short run only at price levels greater than or equal to average total costs.
Describe the single supervisory mechanism or SSM proposed by EU leaders in June of 2012
What will be an ideal response?
Until the 1840s, the leading transport route in the US (in terms of volume of freight from the West) was:
a. the Northern Gateway. b. the Northeastern Gateway. c. the Southern Gateway. d. the Erie Canal.
Define the following terms and explain their importance to the study of economics
a. price elasticity b. complements c. substitutes d. cross elasticity e. supply elasticity