Refer to the above figure. At an income of $10,000, saving is
A) 0.
B) $13,000.
C) $3,000.
D) -$3,000.
D
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An increase in the supply of labor generates
A) increased unemployment. B) lower wages. C) an offsetting increase in the demand for labor. D) a decrease in the quantity demanded of labor.
Which of the following statements is true of the equilibrium price of a good?
a. The equilibrium price of a good is the price where the quantity demanded of the good is equal to the supply of the good. b. The equilibrium price of a good is the price where the quantity demanded of the good is equal to the quantity supplied of the good. c. The equilibrium price of a good is the price where the demand for the good is equal to the supply of the good. d. The equilibrium price of a good is the price where the demand for the good is equal to the quantity supplied of the good.