A rightward shift of a demand curve is called a(n)
a. increase in demand
b. decrease in demand
c. increase in quantity demanded
d. decrease in quantity demanded
e. increase in supply
A
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Canada has nationalized health care, so that everyone, regardless of their ability to pay, has some access to health care
Based on this observation, Canada has decided that "everyone, regardless of their ability to pay" is the answer to what microeconomic question? A) What type of health care will be produced and in what quantity? B) How will health care be produced? C) For whom will health care be produced? D) Why will we offer health care? E) Must we offer health care?
The input-substitution effect of an increase in the wage comes about because higher wages:
A. increase production costs, and final good prices will rise, reducing the quantity demanded of the product. B. increase production costs, and final good prices will rise, increasing the quantity demanded of the product. C. make labor less expensive as an input, leading firms to switch to labor as an input. D. make labor more expensive as an input, leading firms to switch to other inputs.