In some remote communities, there was only one employer in the local labor market several years ago, but the number of firms that hired workers in the market increased over time
What is the expected change in the local labor market as the number of employers increased (ceteris paribus)? A) Wages and employment increase
B) Wages remain the same but employment increases
C) Wages increase but employment remains the same
D) Wages and employment decline
A
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According to the text, during World War II rationing was conducted in the U.S. through the use of
A) queuing. B) lotteries. C) coupons. D) sharing.
Which of the following situations is represented by a nearly horizontal supply curve for a good?
a. Small price changes lead to small changes in quantity demanded of the good. b. Small price changes lead to small changes in quantity supplied of the good. c. Producers of the good are not operating efficiently. d. Producers of the good are not maximizing profit. e. Small changes in the price of the good lead to large changes in the quantity supplied of the good.