Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase?
A) a drought that sharply reduces barley output
B) an increase in consumer income
C) a decrease in consumer income
D) unusually good weather that results in a bumper crop of barley
C
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Which of the following statements is true?
A) Technological innovation can cause wages to fall for some workers. B) Technological innovation increases wages for all workers in an economy. C) Technological innovation always leads to unemployment in the economy as a whole. D) Technological innovation reduces the demand for goods and services in an economy.
Explain how the market for opticians is affected as a result of the development of laser technology which reduces the demand for glasses and contact lenses
In your explanation be sure to show the connection between the market for glasses and contact lenses and the market for opticians.