Refer to the diagram above, which shows three supply curves for corn. A movement from point a to point b is caused by a change in the

What will be an ideal response?

price of corn in the market.

Economics

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The supply curve of low-skilled labor is upward sloping because those workers know that government will protect them with minimum wage legislation

Indicate whether the statement is true or false

Economics

People are sometimes seen to give up money to make an allocation more fair. What experiment could be used to determine if this is because people truly care about fairness or because people want to avoid the consequences of others' spite?

a. The Ultimatum Game could be run to see if an even split is proposed. b. The Dictator Game could be run to see if an even split is proposed. c. The Battle of the Sexes could be run to see if players choose the rival's preferred outcome. d. The repeated Prisoners Dilemma could be run to see if players can tacitly collude on Silent.

Economics