An increase in the price level causes the value of money to _____. Therefore, people will want to hold ____ money, because the cost of their purchases has increased

The labor supply curve has a positive slope if the

A) substitution effect outweighs the income effect. B) income effect outweighs the substitution effect. C) demand for labor is elastic. D) demand for labor is inelastic.

Ever since the creation of the interstate highway system, the railroads have had to compete with trucks for freight shipments. Union Pacific, the nation's largest railroad, now offers door-to-door services to clients, using their own trains and trucks. This must be the result of:

a. horizontal merger. b. vertical merger. c. conglomerate merger. d. deregulation. e. high fuel prices.