An industry would be likely to lay off workers following:
A. An increase in the price of the firm's product
B. An increase in the marginal revenue product of labor
C. The imposition of a new minimum wage below the current equilibrium wage
D. A successful attempt by an industrial union to push wages above the marginal revenue product of labor
D. A successful attempt by an industrial union to push wages above the marginal revenue product of labor
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Long-term growth in production can be explained by: a. an improvement in the quality of resources available. b. a gradual but consistent rise in the price level
c. a rapid and accelerating increase in the price level. d. a trade surplus that leads to the accumulation of gold. e. the peaks and troughs of economic fluctuations.
If two goods are substitutes, their cross-price elasticity will be
a. positive. b. negative. c. zero. d. equal to the difference between the income elasticities of demand for the two goods.