Suppose there is a flood in St. Louis, Missouri, that destroys several beer bottling facilities. Which of the following would not be a direct result of this event?
a. Sellers would not be able to produce and sell as much as before at each relevant price.
b. The supply would decrease.
c. Buyers would not be willing to buy as much as before at each relevant price.
d. The equilibrium price would rise.
c
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A perfectly competitive firm in a competitive labor market will hire more labor whenever
A) its average revenue product of labor exceeds the wage rate. B) the wage rate exceeds its average revenue product of labor. C) its value of marginal product of labor exceeds the wage rate. D) the wage rate exceeds its value of marginal product of labor.
In some financial situations, people have a tendency to hold on to their money. Which of the following are the accurate coordinates for this type of situation?
a. i2 moves down and M2 moves to the left
b. i1 moves up and M2 moves to the left
c. i2 moves up and M1 moves to the left
d. i2 moves down and M1 moves to the right