The labor market is composed of
A. a relatively homogeneous supply of labor and downward-sloping demand curve.
B. a vertical supply curve for labor and relatively elastic market demand.
C. many submarkets for labor of different types.
D. more teenagers than any other age group of labor.
Answer: C
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Assume that the market for cell phones comprises two buyers and two sellers. The following table shows the demand and supply of cell phones at different prices. Using the information in the table, determine the market equilibrium price and quantity
Price ($) Cell Phones Demanded (Buyer 1 ) Cell Phones Demanded (Buyer 2 ) 10 100 80 20 80 65 30 75 50 40 60 45 50 30 30 60 20 22 Price ($) Cell Phones Supplied (Seller 1 ) Cell Phones Supplied (Seller 2 ) 10 10 25 20 30 40 30 50 45 40 55 50 50 65 60 60 75 70
If the price of medical services goes up 10% and quantity demanded falls by 3%, demand is ________.
Fill in the blank(s) with the appropriate word(s).