The relationship between quantity supplied and price is usually

Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who

have become more health conscious and wish to monitor various health conditions. These firms are reacting to which of the three key economic ideas? A) people are rational B) people respond to economic incentives C) firms attempt to maximize revenues D) optimal decisions are made at the margin

When the quantity demanded of labor exceeds the quantity of labor supplied, the market wage rate is

a. below equilibrium b. above equilibrium c. at its equilibrium level d. equal to the workers' MRP e. equal to the workers' opportunity cost