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Which of the following summarizes the impact of population growth on the labor market? A.) This will increase the labor supply, reduce the equilibrium wage, and increase the quantity of labor demanded. B.) There will be an increase on the demand for labor. As a result the wage rate will rise and the quantity of workers supplied will decrease. C.) There will be an increase in the demand for jobs. This will result in an increase in the equilibrium wage rate and a movement along the labor supply curve. D.)There will be an increase in both the demand for labor and the supply of labor. As a result, the equilibrium wage will not change.
Define and explain ‘Law of Diminishing Returns with the help of diagram. What are the different stages of production in the short run? Define and explain ‘Price Discrimination (PD)’ with the help of diagram. Also give examples of Price Discrimination..
In this economy we have an MPC equal to 0.80, Autonomous Consumption of $600 billion, Planned Investment (I) of $1,000 billion, Government Spending (G) of $1,200 billion and Net Taxes (T) of $1,000 billion. Determine the Equilibrium level of Aggregat..
Suppose there are two firms in a market that each simultaneously chooses a quantity. Firm 1’s quantity is q1, and firm 2’s quantity is q2. Therefore the market quantity is Q = q1 + q2. The market demand curve is given by P = 160 – 3Q. Also, each firm..
Which of the following best illustrates the mutual interdependence among firms in the airline industry?
The smith company made and sold 10,000 metal tables last year. When output was between 5,000 and 10,000 tables, its average variable cost was $24. In this output range, each table contributed 60% of its revenue to fixed cost and profit.
You took an amazing class at the U that changed your life, so now you are going to invest for your retirement. Your tax bracket is 25% federal and 5% state. Your investment is in a federally and state tax free account that earns 11% each year, what i..
What does it take to ensure that Starbucks' customers are satisfied? (Why) Is satisfaction an important metric for Starbucks to manage? Maximum of 50-75 words
Some economists argue that the price elasticity of demand can be used to determine whether a good or service is a luxury or a necessity. In medical case, a procedure with inelastic demand would be considered a medical necessity, while care with elast..
what output level should you operate to maximize profit? What price should you charge? How much will the industry as a whole produce?
What happens to the demand curve for labor of a clinic if each of the following occurs: Wages increase in hospitals (no effect, outward, inward). The clinic purchases equipment that increases workers productivity [ Select ]Inward, Outward, No effectc..
The property appraisal office for Mobile County has just installed new software to track residential market values for property tax computations. The manager wants to know the total equivalent cost of all future costs incurred when the county commiss..
Explain the most appropriate fiscal policy to help stabilize the economy. What are the implications of using fiscal policy to help stabilize an economy that is in a recession?
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