Refer to Table 4-8. Suppose that the quantity of labor demanded increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

As prices of an input changes, the isocost line will ________ to reflect more or less of the total amount spent in production

Fill in the blank(s) with the appropriate word(s).

People consume more soup as temperatures falls. So, as cold weather approaches,

A) the demand for soup increases. B) people move farther beyond their demand curves. C) the quantity of soup demanded increases. D) people move closer to their demand curve for sou