Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason for this is to:
A. restrict the supply of construction workers.
B. increase the elasticity of demand for construction workers.
C. increase the demand for construction workers.
D. increase the price of substitute inputs.
Answer: C
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If an industry's Herfindahl-Hirschman Index is less than 1, the industry is likely to be
A) competitive. B) an oligopoly. C) a monopoly. D) technologically inefficient.
Which of the following is not an example of a group responding to an incentive?
a. Students attend class because of an attendance policy that reduces their grade for absences. b. Consumers buy more of a product when it is on sale at a reduced price. c. Universities offer fewer online classes when they generate more revenue than traditional classes. d. Employees work harder to earn higher commissions.