Which of the following is an example of comparative statics?
A) The estimation of the supply of a good when the wage rate of labor changes from $30 to $10 per hour
B) The estimation of the ideal number of workers a firm should hire when wage rate is $20 per hour
C) The estimation of the quantity demanded of a good when its price is $5
D) The estimation of the demand for a particular good when consumer income is $10
A
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When money provides a yardstick that allows individuals to compare the relative values of goods and services, it is functioning as a
A) standard of deferred payment. B) medium of exchange. C) unit of accounting. D) store of value.
The most appropriate countercyclical policy, or stabilization policy, in times of unemployment, according to classical economists, is for the government to:
a. increase the minimum wage. b. impose wage and price controls. c. stimulate aggregate demand. d. cut taxes. e. do nothing.