Which of the following happens when an economy's labor demand curve shifts to the left without any change in its labor supply curve assuming all else equal?
A) The equilibrium wage rate rises. B) The output of the economy rises.
C) The aggregate price level falls. D) The unemployment rate rises.
D
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The term "factor market" applies to the market for
a. labor. b. capital. c. land. d. All of the above are correct.
(Consider This) Children are charged less than adults for admission to professional baseball games but are charged the same prices as adults at the concession stands. Which of the following conditions of price discrimination explains why this occurs?
A. The seller must have some monopoly power; that is, it must be able to set the product price. B. The seller must be able to identify buyers by group characteristics such as age or income. C. Groups must have different elasticities of demand for the product. D. The items can be bought by people in the low-price group and transferred to members of the high-price group.