If the money wage rate rises,
A) the AS curve shifts leftward.
B) there is a movement down along the AS curve.
C) there is neither a movement along or a shift in the AS curve.
D) the AS curve shifts rightward.
E) there is a movement up along the AS curve.
A
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A firm calculated that the income elasticity of demand for its signature product was equal to (+)0.87. Based on this information, we can say that the firm's product is:
a. A substitute good b. A complementary good c. An inferior good d. A normal good
Cory has just graduated from veterinary school. He can earn $40,000 working at a small animal clinic or $50,000 working with farm animals and horses where the risks of getting injured by an animal are higher. The higher salary to work with larger animals is an example of
a. a compensating differential. b. signaling theory. c. an efficiency wage. d. efficient union bargaining.