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Question
The more inelastic the consumer demand for the final product, the
A) greater will be the economic profit in a competitive market.
B) greater the impact on employment from a change in the wage rate.
C) more inelastic the demand for labor producing the product.
D) more responsive the output demand to a change in the price of labor.
Answer
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Related questions
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Refer to the above figure. Other things being equal, when the government imposes a price floor at P2, then we would expectA) the quantity demanded is Q 2.B) a surplus will occur.C) price to decline until an equilibrium is achieved at P0.D) consumers to bid against each other for goods and force the price even higher.
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Which of the following statements is FALSE?
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The United Statesʹ balance of payments is likely to improve whenA) there is an increase in political instability in other countries.B) the inflation rate in the United States rises relative to other countries.C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.