There has been a decrease in the demand for socks. This change can be shown graphically as a:
A. shift in the demand curve to the left.
B. shift in the demand curve to the right.
C. movement along the demand curve to the right.
D. movement along the demand curve to the left.
Answer: A
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A surplus of labor is eliminated by ________ in the real wage rate and a shortage of labor is eliminated by ________ in the real wage rate
A) an increase; a decrease B) a decrease; an increase C) an increase; an increase D) a decrease; a decrease E) None of the above answers is correct because shortages and surpluses are eliminated by changes in the demand for labor and the supply of labor, not the wage rate.
On a graph showing the relationship between x and y, the ceteris paribus condition implies that
A) no other variables are related to x and y. B) the value of x is held constant. C) the value of y is held constant. D) other variables not shown are held constant.