When labor productivity increases, the demand for labor curve ________ and the supply of labor curve ________
A) shifts rightward; shifts rightward
B) shifts rightward; does not shift
C) shifts leftward; shifts rightward
D) shift s leftward; does not shift
B
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Which of the following statements is CORRECT?
A) When both demand and supply increase, the quantity decreases and the price might rise, fall, or remain the same. B) When both demand and supply increase, the price rises and the quantity might increase, decrease, or remain the same. C) When both demand and supply decrease, the quantity increases and the price might rise, fall, or remain the same. D) When both demand and supply decrease, the quantity decreases and the price might rise, fall, or remain the same.
Refer to Scenario 1-1. Had the firm not produced and sold the last 400 t-shirts, would its profit be higher or lower, and if so by how much?
A) Its profit would be $800 higher. B) Its profit would be $800 lower. C) Its profit would be $4,800 higher. D) Its profit would be $4,000 lower.
Every market exchange is a Pareto superior move
a. True b. False
Jacko's rock band is putting out a new CD with its music label. The contract between the band and the label specifies that the band receive 25% of the gross revenues plus another $10,000 up front
The record label projects the demand for the album p = 50 - 0.003Q where p is the price per CD (in $) and Q is the number of CDs demanded. The cost (not including the band's salary) of producing the CD is constant at $5 per disc. a. Compute the joint-profit-maximizing price and quantity. b. Compute the profit maximizing price that the label will wish to set. c. What price will Jacko want his band's CD sold for? (Assume he only cares about money earned from the CDs.)