Your textbook uses supply and demand curves together to illustrate
A) the level of output needed by individuals.
B) the level of output needed by society.
C) how economists are necessary to make markets to work effectively.
D) how market prices play a key role in coordinating the plans of sellers and buyers.
E) all of the above.
D
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Refer to Figure 3.1. What is the number of outcomes which represent Nash equilibria in this game?
A) 1 B) 2 C) 3 D) 4
A decrease in the real wage would result in a
A) movement along the labor demand curve, causing an increase in the number of workers hired by the firm. B) shift of the labor demand curve, causing an increase in the number of workers hired by the firm. C) movement along the labor demand curve, causing a decrease in the number of workers hired by the firm. D) shift of the labor demand curve, causing a decrease in the number of workers hired by the firm.