Holding other things constant, an appreciation of the US Dollar relative to the Chinese Yuan causes the demand for the Yuan to _____________ and the supply for Yuan to __________

Kaitlyn and Larissa have formed a dog bathing and grooming business business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the sixth dog in a day is bathing ________ dog(s)

A) 0 B) 5 C) 6 D) 7

We would expect that a fall in labor supply will have a proportionately smaller effect on the market wage rate when

A) workers can easily be replaced by capital goods. B) the product produced in the industry has very few substitutes. C) the product is produced in a perfectly competitive industry. D) labor represents a relatively small portion of total costs.