How would an increase in prices in retail stores change the real value of the money you earn as wages?
What will be an ideal response?
The real value would decrease.
Economics
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Which of the following is likely to cause the demand curve for cars to shift to the left?
A) A rise in the price of gasoline B) A rise in the price of cars C) An increase in the economy's national income D) An increase in the cost of production leading to an increase in the price of cars
Economics
If a product is an inferior good, then its income elasticity of demand is
A) zero. B) positive. C) negative. D) indeterminate. E) undefined.
Economics