A Decrease in the Supply of Sugar Increases the Price

question 409

Multiple Choice

A decrease in the supply of sugar increases the price of sugar from $1.00 a packet to $1.25 a packet. The quantity decreases from 100 packets a day to 80 packets a day. The price elasticity of demand of sugar is

• A) 0.75.
• B) 0.5.
• C) 1.0.
• D) 1.25.

Comprehend the theories and stages of sleep.

Describe the psychological and physiological effects of sleep.

Understand the role and effects of various substances on consciousness and sleep.

Analyze the concepts of consciousness and altered states.

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Definitions:

Surplus of Labor

A situation where the supply of labor exceeds the demand for it, often leading to unemployment or underemployment.

Minimum Wages

The lowest legal wage that can be paid to workers, set by government laws to protect employees from unduly low pay.

Structural Unemployment

A type of unemployment that results from a mismatch between the skills that workers offer and the skills demanded by employers.

Surplus of Labor

A situation in which the supply of labor exceeds the demand for labor, often resulting in unemployment or underemployment.