The price for labor is the wage rate. What happens to the quantity of labor demanded if wages increase?
a. It increases.
b. It decreases.
c. It does not change.
d. The whole demand schedule shifts to the left.
b
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The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets
When the price ceiling is in place and taking account of the resources lost in search, consumer surplus ________ and producer surplus ________ compared to the equilibrium before the price ceiling was imposed. A) decreases; increases B) decreases; decreases C) increases; increases D) increases; decreases E) does not change; increases
When inflation increases at a ________ rate, the money someone holds will ________ every day
A) high; buy more B) high; buy less C) low; buy less D) low; buy more