Which of the following would cause a consumer to purchase less of a good when the price of the good rises?
a. The income effect
b. The substitution effect
c. Both a and b
d. Neither a nor b
c
Economics
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Decrease in government spending will ________ the expenditure curve:
A) decrease. B) increase. C) not change. D) none of the above.
Economics
Based on the labor market diagram below, if the minimum wage is set at $10 per hour, there will be ________ unemployed workers.
A. 7 B. 15 C. 27 D. 22
Economics