Consider a labor market that is initially in equilibrium. When the labor supply curve shifts to the left while the labor demand curve remains unchanged, the:
a. equilibrium wage rate increases
b. price of the output that uses this labor resource decreases.
c. equilibrium number of workers hired increases.
d. equilibrium wage rate falls.
a
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A change in a marginal benefit or cost will
A) increase consumption. B) decrease production. C) cause an individual to make a rational choice. D) increase sunk costs. E) change incentives.
Economists define "rational" tastes as those which are objective and transitive. ?
Answer the following statement true (T) or false (F)
Irving Fisher's view that velocity is fairly constant in the short run transforms the equation of exchange into the
A) Friedman's theory of income determination. B) quantity theory of money. C) Keynesian theory of income determination. D) monetary theory of income determination.
To practice third-degree price discrimination, each of these market conditions must be met except which one?
A) The firm must have market power. B) No arbitrage opportunities can exist between customer groups. C) Different groups of customers with equal own price elasticities of demand must exist. D) Different groups of customers with different own price elasticities of demand must exist.