Which of the following is an example of a market demand curve?
a. A graph shows the sharp increase in the purchase of cell phones last year in France.
b. A graph shows how Li’s demand for tea decreases as the price increases.
c. A table shows the steady increase in the price of bananas over a five-year period in the United States.
d. A graph shows how the demand for HD TVs in Hawaii is affected by price changes.
d. A graph shows how the demand for HD TVs in Hawaii is affected by price changes.
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours of students' labor are unemployed?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours
In long-run equilibrium for a perfectly competitive firm, price equals which of the following?
a. Economies of real cost. b. Maximum total revenue. c. Diseconomies of scale cost. d. Minimum point on the long-run average cost curve.