The law of demand concludes that a rise in the price of a golf ball ________ the quantity demanded and ________
A) increases; shifts the demand curve for golf balls rightward
B) decreases; shifts the demand curve for golf balls leftward
C) decreases; creates a movement up along the demand curve for golf balls
D) increases; creates a movement down along the demand curve for golf balls
C
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Refer to the accompanying table. Based on their comparative advantage, Martha should specialize in making ________ while Julia should specialize in making ________. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. cakes; pies B. both pies and cakes; neither pies nor cakes C. pies; cakes D. neither pies nor cakes; both pies and cakes
Suppose the economy's production function is Y = A(300N - N2). The marginal product of labor is MPN = A(300 - 2N). Suppose that A = 10. The supply of labor is NS = 0.05w + 0.005G.(a)If G is 26,000, what are the real wage, employment, and output?(b)If G rises to 26,400, what are the real wage, employment, and output?(c)If G falls to 25,600, what are the real wage, employment, and output?(d)In cases (b) and (c), what is the government purchases multiplier; that is, what is the change in output divided by the change in government purchases?
What will be an ideal response?