In the above figure, what is the full-employment real wage rate and quantity of hours per year?
A) $40 and 60 billion hours per year
B) $50 and 100 billion hours per year
C) $35 and 100 billion hours per year
D) $50 and 40 billion hours per year
A
Economics
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Recall the Application. The change in demand for cigarettes resulting from the decrease in taxes would normally create, ceteris paribus
A) a decrease in their quantity supplied. B) a decrease in their supply. C) an increase in their supply. D) an increase in their quantity supplied.
Economics
The figure illustrates the market for bagels. Initially the market is in equilibrium, Then the number of bagels produced is cut from 20 to 10 an hour and the price rises to $2.00 per bagel. Consumer surplus decreases by ________
A) $5.00 an hour B) $2.50 an hour C) $7.50 an hour D) $0.50 a bagel
Economics