A study of consumers' attitudes toward labor standards for the products they buy revealed that consumers:
a. just do not care.
b. would completely change their buying patterns and want to be 100% sure that products they buy are made in foreign factories with good working conditions.
c. would pay a slight premium to ensure good working conditions.
d. are more concerned about the prices they pay than working conditions overseas.
Ans: c. would pay a slight premium to ensure good working conditions.
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The price effect of a price decrease by a monopolist refers to:
A) the loss in revenue due to the price reduction. B) the increase in sales due to the price reduction. C) the increase in revenue because of an increase in sales. D) the decrease in the demand for labor due to the lower price of the final product.
LRE. After a decrease in AD, there will immediately be _____
a. inflation and recession b. deflation and recession c. inflation and expansion d. deflation and expansion