LSC CUMBERLAND EC202 MICRO>PKG<
21st Edition
ISBN: 9781260586992
Author: McConnell
Publisher: MCG
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Question
Chapter 19, Problem 1RQ
To determine
When the equilibrium prices decreases in the economy.
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Students have asked these similar questions
Employment
0
1
2
3
4
5
6
Labor Demand Data
Total
Product
0
15
28
о
Multiple Choice
о
O
$18
$17
39
48
55
60
$15
$16
Product
Price
$2.20
2.00
1.80
1.60
1.40
1. 20
1.00
The table shows labor demand data on the left and labor supply data on the right. What will be the profit-maximizing wage rate?
Labor Supply Data
Employment
0
1
2
3
4
LO
5
6
Wage Rate
$15.00
16.00
17.00
18.00
19.00
20.00
6. Indicate whether each of the following state-
ments applies to microeconomics or macro-
marginal cost and
economics: LO3
a. The unemployment rate in the United States
was 5.0% in April 2008.
b. A U.S. software firm discharged 15 work-
ers last month and transferred the work to
India.
C. An unexpected freeze in central Florida
reduced the citrus crop and caused the price
of oranges to rise.
d. U.S. output, adjusted for inflation, grew by
2.2% in 2007.
e. Last week Wells Fargo Bank lowered its
interest rate on business loans by one-half
of 1 percentage point.
Based on Figure 1, choose the right statement. Assume that cloth is the labor-
intensive commodity and that corn is the capital-intensive commodity.
1) The qutput of cloth less than doubled because of lack of enough demand.
O 2) The output of cloth less than doubled because capital is not used in the cloth
production.
O 3)
The output of cloth less than doubled because labor is the only factor of
production.
.O
4)
The output of cloth less than doubled because only labor increased.
Figure 1. Economic growth
Com
(Tons)
80
70
BA
130
250 Cloth (Yards)
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