Refer to Figure 17-2. Suppose the market price of bracelets falls to $2. What happens to the curve given in the diagram?
A) The curve shifts to the left.
B) Nothing, because labor's productivity has not changed.
C) There will be a movement along the curve.
D) We cannot answer the question without knowing if Becca would want to hire more workers.
A
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As you consume additional hamburgers, the relationship between total and marginal utility is that
A) both total and marginal utility increase continuously. B) both total and marginal utility decrease continuously. C) total utility increases, but marginal utility decreases. D) total utility decreases, but marginal utility increases.
Assume that the Fed knows a demand shock has occurred in the economy. It takes the Fed 2 months to adjust policy to the shock, and it takes the economy 14 months for the policy change to affect the economy
The 2 month time period refers to the ________, and the following 14 month time period refers to the ________. A) policy lag; implementation lag B) recognition lag; implementation lag C) implementation lag; impact lag D) policy lag; recognition lag