Suppose that workers immigrate to Minnesota from Canada. Which of the following correctly describes what would happen in the market for labor in Minnesota?
a. The equilibrium wage would increase, as would the quantity of labor. With more workers, the added output from an extra worker is larger.
b. The equilibrium wage would decrease, as would the quantity of labor. With fewer workers, the added output from an extra worker is smaller.
c. The equilibrium wage would decrease, and the quantity of labor would increase. With more workers, the added output from an extra worker is smaller.
d. The equilibrium wage would decrease, and the quantity of labor would increase. With more workers, the added output from an extra worker is larger.
C
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When there is a change in the quantity demanded it means that
A) the selling price of the products has not changed. B) the number of products in inventory have increased. C) the hours the customer can buy products each day have increased. D) the quantity a consumer is willing to buy changes when the price changes.
If Cassie's Coffee House purchases 33 cents worth of ingredients and spends 36 cents on wages per cup of coffee to produce an 89 cent cup of coffee, then Cassie's Coffee House's contribution to GDP is ________ per cup of coffee
A) 20 cents B) 33 cents C) 36 cents D) 56 cents