Which of the following factors will cause the demand curve for labor to shift to the right?
(a) the demand for the product by labor declines.
(b) the prices of substitute inputs fall.
(c) the productivity of labor increases.
(d) the wage rate declines.
(e) None of the above.
Find the slope of an assumed linear demand curve for theatre tickets, when persons purchase 1,000 at $5.00 per ticket and 200 at $15.00 per ticket. Given the following data: WIDGETS P = 80 - Q (Demand) P = 20 + 2Q (Supply) Given the above demand and supply equations for widgets, find the equilibrium price and quantity. Given the following data: WIDGETS P = 80 - Q (Demand) P = 20 + 2Q (Supply) Now suppliers must pay a tax of $6 per unit. Find the new equilibrium price-inclusive price and quantity. Given the following data: WIDGETS P = 80 - Q (Demand) P = 20 + 2Q (Supply) We saw in the last question the equilibrium quantity will now be 18 (instead of 20) and the equilibrium price is now 62 (instead of 20). Which of the following statements is true (a) Tax revenue will equal $108 (b) Price increases by $4 (c) Quantity decreases by 4 unitsWhat is wrong with the statement: Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period: 1. Instead of "demand", it should be "quantity demanded". 2. Instead of "willingness", it should be "ability". 3. Demand refers to the willingness and ability of buyers, not just willingness. 4. There is nothing wrong with the statement. refers to the willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period whereas refers to a specific number of units buyers want to buy at a specific price. True or False: As the price of apples rises, the demand for apples falls, ceteris paribus. Consider the demand curve for Sedans in the United States. For simplicity, assume that all sedans are identical and sell for the same price. Also, assume that: The current market price of Sedans is $30,000 Average Household income is $60,000 per year Price of a gallon of gas is $5 per gallon Price of a subway ride is $2.50 Suppose the price of a sedan decreased from $30,000 to $25,000. This would cause a the demand curve. If an increase in average income causes a rightward shift of the demand curve, then you may conclude that sedans are a good. Suppose that the price of a gallon of gas rises from $5 to $6. Because sedans and gasoline are an increase in the price of a gallon of gas shifts the demand curve for sedans to the1. What determines the level of prices in a market? 2. What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price? 3. Will demand curves have the same exact shape in all markets? If not, how will they differ? 4. Will supply curves have the same shape in all markets? If not, how will they differ? 5. What is the relationship between quantity demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when there is a surplus
