Real income in yearX equal to:

If the government offers to pay wheat farmers $1 for every bushel of wheat they market next year, in addition to the market price, the price of wheat will be

A) higher than it would otherwise have been. B) lower than it would otherwise have been. C) one dollar. D) the same as it would otherwise have been although wheat farmers will be better off.

Suppose the labor market is competitive, the supply curve of labor is upward sloping, and the amount of capital is fixed. If the output market changes from a competitive market to a monopoly, what is the effect on its demand for labor? Explain

What will be an ideal response?