The demand for Dell laptops is more price elastic than the demand for laptops as whole. This is best explained by
a. There are fewer substitutes for Dell laptops than for laptops as whole
b. There are more substitutes for Dell laptops than for laptops as whole
c. Dell laptops are luxurious goods
d. Dell laptops are a necessity
b
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The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total variable cost of producing 60 bikes?
A) $200 B) $300 C) $400 D) $500
Which of the following is true about outsourcing and labor migration:
A. Unrestricted out-sourcing and unrestricted labor migration result in the same wage outcomes in tradable goods markets (as long as there are no barriers to trade). B. Under outsourcing, pressures for wage equalization arise from shifts in labor demand curves. C. Under labor migration, pressures for wage equalization arise from shifts in labor supply curves. D. Both (a) and (c) E. Both (b) and (c) F. Both (a) and (b) G. All of the above H. None of the above