An increase in demand for French fries will cause equilibrium wage rates:
a. and quantities of potato workers hired to rise.
b. and quantities of potato workers hired to fall.
c. to rise and quantities of potato workers hired to fall.
d. to fall and quantities of potato workers hired to rise.
e. and quantities of potato workers hired to stay the same.
a
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Answer the following statement(s) true (T) or false (F)
1. If a market is perfectly competitive, allocative efficiency is achieved at the point where the profit-maximizing firm produces. 2. If a firm maximizes output from a stock of available resources, it must be achieving allocative efficiency. 3. Consumer surplus is the net gain to the firm measured as the excess of price over the marginal cost of production summed over all units sold. 4. If a consumer is willing to pay more for a good than he/she actually must pay, he/she enjoys a gain for that unit of output known as consumer surplus. 5. The sum of the change in consumer surplus plus the change in producer surplus is called deadweight loss to society.
For the monopoly shown in the figure above, the profit maximizing price is ________ per unit
A) $10 B) $20 C) $30 D) $50
What are the three decisions that all firms must make?
What will be an ideal response?
Which of the following serves as money in many federal prisons in the United States these days?
a. Postage stamps b. Energy bars c. Plastic-and-foil pouches of mackerel d. Cans of tuna e. Cigarettes