Suppose consumer tastes and preferences shift from tacos to pizzas. In the short run, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices
A) increasing; increasing B) decreasing; increasing
C) decreasing; decreasing D) increasing; decreasing
D
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With a tax of $12, hours of work become
Suppose the supply of labor is W – t = 10H, where W is the gross wage, t is the tax (in dollars), and H is labor hours. The demand for labor is W = 120 – 2H. a) H = 8 b) H = 9 c) H = 10 d) H = 11 e) H = 12
Exhibit 2-15 Production possibilities curve
In Exhibit 2-15, the shape of the production possibilities curve demonstrates:
A. changing prices. B. economic growth. C. decreases in resources. D. the law of increasing opportunity costs.
Figure 18.3Refer to Figure 18.3. In autarky, the maximum amount of pogo sticks that Livonia can produce is:
A. 120. B. 100. C. 80. D. 40.
If a school that offers higher wages to its staff is set up near a school that offers comparatively lower wages to its staff, what will be the effect on the wage rate and the staff strength in the school that pays lower wages?
What will be an ideal response?