According to the permanent income hypothesis, a person's consumption increases only when
A) the person's average lifetime income increases. B) the person saves more.
C) the person's current income increases. D) the person's income increases unexpectedly.
A
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In the short run, an increase in demand for a good that is sold in a perfectly competitive market
A) increases the number of firms in the market. B) increases the economic profits of existing firms in the market. C) has no effect on the price. D) causes more firms to shut down.
Discuss the historic increases and decreases in unionism in the United States and how it affects current labor relations today
a. Product markets
a. Money markets b. Resource markets c. Stock markets d. Product markets
The overconsumption of medical care due to first-dollar health insurance coverage is:
A. larger the higher the elasticity of demand for medical care. B. small regardless of the elasticity of demand for medical care. C. smaller the higher the elasticity of demand for medical care. D. larger the lower the elasticity of demand for medical care.