The demand curve for labor will most likely increase when the price of a:
A. Complementary input increases, provided the substitution effect is greater than the output effect
B. Substitute input decreases, provided the output effect is greater than the substitution effect
C. Substitute input increases, provided the output effect is greater than the substitution effect
D. Substitute input decreases, provided the substitution effect is greater than the output effect
B. Substitute input decreases, provided the output effect is greater than the substitution effect
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Indicate whether the statement is true or false
If velocity is 6, real output is 10,000, and M is 20,000 what would the price level be? If M increases to 25,000 but V and Y do not change, what happens to the price level? Are the change in the money supply and the change in the price level proportional?