The increase in the quantity of labor supplied in response to a higher wage is called the:
A. price effect.
B. labor effect.
C. income effect.
D. substitution effect.
A. price effect.
Economics
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Refer to Figure 5-3. The efficient quantity of medical services is
A) 400. B) 800. C) 1,200. D) > 1,200.
Economics
In the mid-1970s the price of oil rose dramatically. This
a. shifted aggregate supply left, the price level rose, and real GDP fell. b. caused U.S. prices to fall, and real GDP rose. c. caused an increase in U.S. prices and real GDP. d. caused a decrease in U.S. prices and real GDP.
Economics