Suppose a commodity market is initially in equilibrium. An increase in the nation's skilled labor force...
Suppose a commodity market is initially in equilibrium. An increase in the nation's skilled labor force then lower the marginal cost of producing each unit of output. Which of the following changes will be observed?
a.The supply curve will shift upward (wrong answer )
b. The demand curve will shift downward
c. the demand curve will shift upward
d. the supply curve will shift downward
Homework Answers
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Suppose a commodity market is initially in equilibrium. An
increase in the nation's skilled labor force...
please answer Question 7 2.6 pts Consider a competitive market in which we can analyze the...
please answer
Question 7 2.6 pts Consider a competitive market in which we can analyze the market using our standard demand and supply framework (i.e., downward sloping demand, upward sloping supply, and the market price adjusts to keep the market in equilibrium). If the producers in this market all got an improvement in technology that lowered their marginal cost of producing any given level of output, then we would expect to see an increase in supply (rightward shift) an increase...
Consider the table above. If the price in the market is initially set at $2, what...
Consider the table above. If the price in the market is initially set at $2, what is the result in the market, and what will eventually have to happen to move the market to equilibrium? a. Shortage, price increase b. Shortage, price decrease c. Surplus, price increase d. Surplus, price decrease Suppose a market is initially in equilibrium. Then a change occurs and the equilibrium price decreases while the equilibrium quantity increases. What change occurred in the market to cause...
1.With time, an appreciation in the value of the nation's currency in the foreign exchange market...
1.With time, an appreciation in the value of the nation's currency in the foreign exchange market would cause A.the nation's imports to increase and exports to decline. B.the nation's exports to increase and imports to decline. C.both imports and exports to decline. D.both imports and exports to rise. 2. The short-run aggregate supply curve: A. has the same slope as the long-run aggregate supply curve (LRAS curve) B. shifts only when the long-run aggregate supply curve (LRAS curve) shifts in...
Problem1 1. There are 10,000 identical individuals in the market for commodity “X”, each with a...
Problem1 1. There are 10,000 identical individuals in the market for commodity “X”, each with a demand function given by Qdx = 12 – 2Px , and 1000 identical producers of commodity “X”, each with a function given by Qsx = 20Px Problem5: •Suppose that from the condition of equilibrium in problem #1, there is an increase in consumers’ incomes so that the market demand curve becomes QD”x = 140,000 – 20,000Px , and at the same...
32. Suppose that in a labor market, the substitution effect is less important in magnitude than...
32. Suppose that in a labor market, the substitution effect is less important in magnitude than the income effect. As a result, A. the labor demand curve is upward sloping. B. the labor demand curve is downward sloping. C. the labor supply curve is upward sloping. D. the labor supply curve is downward sloping. can you explain?thank you
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to t...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to the The level of happiness among people is as high as possible. supplied quantity supp A price increase would cause people to want to buy 1 of the good. E. The supply curve and demand curve are equivalent. The Marginal Product of Labor (MPL) is equal to...
4. Consider the market for high skilled labor (college educated). (a) Draw a supply and demand...
4. Consider the market for high skilled labor (college educated). (a) Draw a supply and demand diagram depicting the market in equilibrium. Who are the buyers of labor? Who are the sellers? What do we typically call the "price" of labor? (b) Suppose the demand for high skilled labor increases. Show this in your diagram. How does the affect the equilibrium "price" and quantity? (c) What are some real-world examples of things that might increase the demand for highskilled labor?...
in the market for oranges suppose a left ward shift in supply causes an increase in...
in the market for oranges suppose a left ward shift in supply
causes an increase in the equilibrium price of oranges. the
movement from the original to the final equilowould entail
QUESTION9 In the market for oranges, suppose a leftward shift in supply causes an increase in the equilibrium price of oranges. The movement from the original to the final equilibrium would ental an increase in the demand for oranges as they become more scarce. As a result of the...
Answer these 4 will rate after Graphically, a negative supply shock, such as the increase in...
Answer these 4 will rate after
Graphically, a negative supply shock, such as the increase in oil prices in 1973, can be shown as: O a leftward shift of the AD curve. a downward and to the right shift of the SR-AS curve. an upward and to the left shift of SR-AS curve. O a rightward shift of the AD curve. Decreases in short-run aggregate supply due to a reduction in the nation's resources result in O an increase in...
please answer
Question 7 2.6 pts Consider a competitive market in which we can analyze the market using our standard demand and supply framework (i.e., downward sloping demand, upward sloping supply, and the market price adjusts to keep the market in equilibrium). If the producers in this market all got an improvement in technology that lowered their marginal cost of producing any given level of output, then we would expect to see an increase in supply (rightward shift) an increase...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to the The level of happiness among people is as high as possible. supplied quantity supp A price increase would cause people to want to buy 1 of the good. E. The supply curve and demand curve are equivalent. The Marginal Product of Labor (MPL) is equal to...
4. Consider the market for high skilled labor (college educated). (a) Draw a supply and demand diagram depicting the market in equilibrium. Who are the buyers of labor? Who are the sellers? What do we typically call the "price" of labor? (b) Suppose the demand for high skilled labor increases. Show this in your diagram. How does the affect the equilibrium "price" and quantity? (c) What are some real-world examples of things that might increase the demand for highskilled labor?...
in the market for oranges suppose a left ward shift in supply
causes an increase in the equilibrium price of oranges. the
movement from the original to the final equilowould entail
QUESTION9 In the market for oranges, suppose a leftward shift in supply causes an increase in the equilibrium price of oranges. The movement from the original to the final equilibrium would ental an increase in the demand for oranges as they become more scarce. As a result of the...
Answer these 4 will rate after
Graphically, a negative supply shock, such as the increase in oil prices in 1973, can be shown as: O a leftward shift of the AD curve. a downward and to the right shift of the SR-AS curve. an upward and to the left shift of SR-AS curve. O a rightward shift of the AD curve. Decreases in short-run aggregate supply due to a reduction in the nation's resources result in O an increase in...
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