What happens to labor supply in the pear-picking market when the wage paid to apple pickers increases?
a. The labor supply will stay unchanged until the wages paid to pear pickers change.
b. The labor supply will decrease.
c. The labor supply will increase.
d. The labor supply may fall or rise, depending on the price of pears.
B
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If the price of a a good increases by 10 percent and the quantity supplied increases by 5 percent, then the elasticity of supply is
A) greater than one and supply is elastic. B) negative and supply is inelastic. C) less than one and supply is elastic. D) less than one and supply is inelastic. E) greater than one and supply is inelastic.
In a fixed exchange rate system, speculation regarding an expected revaluation or devaluation of a currency makes it more difficult to maintain the existing exchange rate
Indicate whether the statement is true or false