A rise in the real exchange rate represents an increase in the purchasing power of the home currency

Which of the following is likely to have the highest price elasticity of demand?

A. Shoes B. Nike running shoes C. Running shoes D. The price elasticity of demand will be the same for all of the answers listed.

The equilibrium wage and quantity of labor in the market for skilled workers is determined by

A) the demand and supply of labor. B) the strength of labor unions. C) the market value created by the output of these skilled workers. D) the monopsony power of firms.