An increase in physical capital or a technological advance
A) raises the real wage rate.
B) decreases the quantity of labor employed.
C) shifts the production function downward.
D) decreases demand for labor.
A
Economics
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The use of expensive cars and yachts to impress others rather than just as transportation is an example of what economists call:
A. bounded rationality. B. conspicuous consumption. C. rules of thumb. D. focal point equilibrium.
Economics
Which of the following is NOT a determinant of the price elasticity of demand?
A. the share of the budget spent on the item B. the time the consumer has to adjust to the price change C. the availability of potential substitutes D. the cost to produce the product
Economics