The country of Zorabia witnesses a huge influx of unskilled illegal immigrants. Which of the following will occur?
a. The equilibrium wage rate in Zorabia will fall.
b. The equilibrium wage rate in the market for unskilled labor in Zorabia will fall.
c. There will be excess demand for labor in the market for unskilled labor in Zorabia.
d. There will be excess supply of labor in the job market for skilled workers.
B
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If a monopolistically competitive firm lowers its price and, as a result, its total revenue decreases then
A) the output effect of the price change was less than the price effect. B) the output effect of the price change was greater than the price effect. C) the firm's demand curve must have decreased. D) the substitution effect of the price change was greater than the income effect.
Which of the following examples would cause movement from q* to q2 in this graph?
a. Peak, Inc maintained a steady profit by increasing prices.
b. Peak, Inc reached the perfect maximization of profits.
c. Peak, Inc increased output so much that it began to lose profits.
d. Peak, Inc continued to gain profits as it increased outputs.