Consider the labor market depicted in the above figure. The competitive equilibrium would be for workers to be paid an hourly wage equal to

A movement along the demand curve shows a change in demand

Indicate whether the statement is true or false

An example of an institutional requirement for the operation of effective private markets is

(a) enforcement of contracts. (b) the ability of government to correctly project trends. (c) the ability of advertisers to influence consumers. (d) all of the above.