The table gives the demand and supply schedules for boat rides. If the supply of boat rides increases by 20 rides a day, the price will ________

Compared to a monopsony, a perfectly competitive labor market results in a

A) higher wage rate and more workers hired. B) higher wage rate and fewer workers hired. C) lower wage rate and more workers hired. D) lower wage rate and fewer workers hired.

Economists often treat the economy's capital stock as fixed because

A) labor is a more important factor of production than capital, so economists ignore capital. B) it takes a long time for new investment and the scrapping of old capital to affect the overall quantity of capital. C) there is very little capital in the economy compared with the amount of labor. D) unless the interest rate changes, the capital stock doesn't change.