In a Simple Model of the Supply and Demand for Pizza

question 21

Multiple Choice

In a simple model of the supply and demand for pizza, when aggregate income increases, the price of pizza ______ and the quantity purchased ______.

• A) increases; decreases
• B) increases; increases
• C) decreases; increases
• D) decreases; decreases

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Definitions:

Stereotypes

Oversimplified generalizations about a group of people that often lead to prejudiced attitudes and discrimination.

Secondary Labour Market

Part of the job market consisting of low-paying jobs with poor working conditions, limited job security, and few prospects for advancement.

Fringe Benefits

Additional benefits supplementing an employee's salary, such as health insurance, paid vacations, and retirement plans, which are not part of the direct wages.

Exploited Labour Market

A labor market segment characterized by unfair wages and working conditions, where workers are made to work for less than their labor is worth due to unequal power dynamics.