In a market economy, which of the following is most important if a worker is going to achieve high earnings?
a. hard work
b. provision of goods and/or services that others value highly
c. having a graduate degree in a field like history or sociology
d. membership in a labor union
B
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Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee falls from $6 to $4, the market quantity demanded would
A) decrease by 89 lbs. B) increase by 110 lbs. C) increase by 61 lbs. D) increase by 26 lbs.
If the price of a haircut (a normal good) increases, other things constant, the
a. demand for haircuts increases b. demand for haircuts decreases c. quantity demanded of haircuts decreases d. quantity demanded of haircuts increases e. demand for haircuts, or quantity demanded of haircuts decreases; they are the same thing