When there is an increase in the wages the banking industry offers accountants, what happens to the supply of accountants available to other industries?
A) The supply to other industries increases.
B) The supply to other industries falls.
C) The supply curve for other industries shifts to the right.
D) no change
B
Economics
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Which of the following is FALSE regarding inelastic demand?
A) Price elasticity of demand is less than 1 (Ep < 1). B) If a firm raises price, total revenues will go up. C) Price elasticity of demand is greater than 1 (Ep > 1). D) If a firm lowers price, total revenues will fall.
Economics
The short-run aggregate supply curve has a
A) negative slope. B) positive slope. C) slope equal to infinity. D) slope equal to zero.
Economics