Changes in the quality of some goods and services, such as electromechanical calculators, are thought to give a downward bias to the consumer price index

In the figure above, the quantity of high-skilled labor employed is

A) 2,000 hours per day. B) 4,000 hours per day. C) 5,000 hours per day. D) 7,000 hours per day.

When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect

A) substitution; income B) normal; inferior C) substitute; complement D) supply; demand