A change in the supply of one factor of production
a. will not change either the marginal productivities or the prices of other factors.
b. will not change the prices of other factors, but it may change their marginal productivities.
c. will not change the marginal productivities of other factors, but it may change their prices.
d. changes the marginal productivities and the prices of other factors.
d
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If the prices of goods and services were expressed in terms of carved wooden beads, then the carved wooden beads would be serving as a
A) store of value. B) medium of exchange. C) mechanism for transforming present purchases into future purchases. D) unit of account.
If it is less costly for business firms to adjust the labor demanded as the price level changes than it is for households to adjust Ns, then in the short-run
A) Ns has a positive slope and the demand for labor (Nd) negative slope. B) Nd has a negative slope and the supply of labor (Ns) a positive slope. C) AD has a negative slope. D) SAS has a positive slope.