In the 1870s, excess capacity in the railroad industry led to:
a. rates wars.
b. the formation of regional federations to pool traffic or profits.
c. price-fixing.
d. hidden rate-cutting through rebates.
e. All of the above.
e. All of the above.
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If aluminum producers expect aluminum prices to fall in the future, this belief shifts the current ________ curve for aluminum to the ________
A) supply; left B) demand; left C) demand; right D) supply; right E) None of the above is correct.
A bird flu epidemic causes many people to flee the country, but does not affect labor demand significantly because almost all the goods produced within the country are exported. What happens to current employment and the real wage rate?
A) Both employment and the real wage rate would increase. B) Both employment and the real wage rate would decrease. C) Employment would increase and the real wage would decrease. D) Employment would decrease and the real wage would increase.