When the price of a resource goes up and firms seek other suitable resources, this is called the
a. substitution in production effect.
b. substitution in demand effect.
c. elasticity effect.
d. inelasticity effect.
A
Economics
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If the wage rate doesn't change but a profit-maximizing competitive firm hires fewer workers, we know that
A) the price of the product increased. B) technical change occurred that increased labor productivity, reducing the firm's demand for labor. C) demand for the product fell or there has been a reduction in labor productivity. D) marginal factor cost increased.
Economics
Type I errors are
a. False negatives b. False positives c. True negatives d. True positives
Economics