If the elasticity of labor supply is positive, the labor-supply curve would be
A. vertical.
B. horizontal.
C. downward sloping.
D. upward sloping.
Answer: D
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University studies have shown that that chickens grow 2 percent larger when a red mitten is placed in their cage and Vivaldi is played in the coop. This leads to a reduction in feed costs of $60 million a year. In the chicken market, the
A. demand curve shifts to the right. B. supply curve shifts to the right. C. price will rise. D. quantity sold will fall.
In a perfectly competitive market:
A. only price adjusts in both the short run and the long run. B. only quantity adjusts in both the short run and the long run. C. price does more of the adjusting in the short run and quantity does more of the adjusting in the long run. D. price does more of the adjusting in the long run and quantity does more of the adjusting in the short run.
Use the table below to answer the following question.UnitsMarket PriceMinimum Acceptable Price1$8$228438648858106814What is the value of producer surplus in the table above?
A. $6 B. $12 C. $44 D. $54
Which of the following is a factor that determines the shape of the aggregate demand curve?
A) the real-balance effect B) the wage effect C) the nominal-balance effect D) the price level effect