If the price of a normal good is measured along the vertical axis and its quantity along the horizontal axis, an increase in the price of the good will lead to
A. an upward movement along the demand curve.
B. a rightward shift of the demand curve.
C. a downward movement along the demand curve.
D. a leftward shift of the demand curve.
Answer: A
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The market demand curve for labor
A) is the same as the market demand curve for the product labor produces because it is a derived demand. B) is determined by adding up the quantity of labor demanded by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers. C) is perfectly inelastic because there is a finite number of workers in the market for labor. D) is determined by adding up the demand for labor by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers.
In which of the following years did oil price movements contribute to holding down inflation?
A) 1986 B) 1998 C) 2001 D) All of the above.