A movement along the demand curve for toothpaste would be caused by
A) a change in the price of toothbrushes.
B) a change in consumer income.
C) a change in the price of toothpaste.
D) a change in population.
Answer: C
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If skilled labor costs three times as much as unskilled labor, a profit-maximizing firm will vary the quantity of each type of labor used until the
a. amount of unskilled labor used is three times the quantity of skilled labor used. b. amount of unskilled labor used is one-third the quantity of skilled labor used. c. marginal product of skilled labor is one-third that of unskilled labor. d. marginal product of skilled labor is three times as great as that of unskilled labor.
Explain why there is an inverse relationship between wage inflation and unemployment as aggregate demand changes
Candy has a $100 gift card to a department store and needs a new watch. She walks into the store and is overwhelmed by the sheer number of watches and price points, from $30 to $3,000. She loves expensive luxury watches but has no other money to spend. She also loves cosmetics and would spend any money left over from the gift card on makeup. Explain how she can use the concept of marginal utility to analyze the options available to her and maximize her satisfaction.
What will be an ideal response?
Give an example where a government subsidy can correct an externality. Explain how the subsidy would lead to a more efficient outcome
What will be an ideal response?