A decrease in a person's real wage necessarily means:
a. lower purchasing power
b. a lower nominal wage.
c. a lower personal disposable income.
d. a higher nominal wage.
e. a higher personal disposable income.
a
Economics
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When firms exit a monopolistically competitive industry: a. the average total cost curves of remaining firms will shift upward
b. the demand curves of remaining firms are increased at each level of output. c. the remaining firms will decrease production. d. the average revenue received by remaining firms will decrease at each level of output.
Economics
Suppose that a new study is released stating that consumption of orange juice (a substitute for apple juice) reduces the risk of cancer, and a major freeze destroys half of the country's apple crop
What happens to the price and quantity of apple? juice?
Economics