Between 1988 and 1989, the price of retail space in Ginza, Tokyo’s premier commercial and entertainment center, rose from $400 to $625 per square foot. This was the result of an increase in demand in the face of a perfectly inelastic supply curve for retail space. Economists call this

In the United States during the Vietnam War era, as military spending increased

A) unemployment dropped to very low levels. B) frictional unemployment dropped, but cyclical unemployment increased. C) both frictional and cyclical unemployment increased. D) overall unemployment rates did not change.

For a market for a good or service to exist, there must be a

a. group of buyers and sellers. b. specific time and place at which the good or service is traded. c. high degree of organization present. d. All of the above are correct.