The above figure shows the market for game day t-shirts. If the price of t-shirts is $10, then
A) there is a surplus and the price of t-shirts will fall.
B) there is a shortage and the price of t-shirts will fall.
C) there is a shortage and the price of t-shirts will rise.
D) there is a surplus and the price of t-shirts will rise.
E) the market is in equilibrium.
E
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According to the law of demand,
A) everything has its price. B) human wants are insatiable. C) people will do anything to obtain goods they want. D) there are no free goods. E) there is a negative relationship between the amount of anything people will purchase and the sacrifice that must make to obtain it.
As the real wage rate increases, the
A) quantity of labor supplied increases. B) supply of labor curve shifts rightward. C) supply of labor curve shifts leftward. D) quantity of labor supplied increases and the supply of labor shifts rightward.