If the Price of TVs Produced by XYZ-TV Company Falls

question 99

Multiple Choice

If the price of TVs produced by XYZ-TV Company falls from $1,000 to $750 per TV set, then the:

• A)supply of labor to the XYZ-TV Company increases.
• B)supply of labor to the XYZ-TV Company decreases.
• C)demand for labor by the XYZ-TV Company increases.
• D)demand for labor by the XYZ-TV Company decreases.

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Definitions:

Property Rights

Legal rights to use, control, and derive benefits from resources such as land, intellectual property, and personal assets.

Markets

Any structure that allows buyers and sellers to exchange any types of goods, services, and information.

Central Planners

Officials or bodies within a government responsible for making decisions about the economy’s production and distribution of goods and services.

Communal Ownership

A system where property and resources are owned collectively by a community or society rather than by individual members or companies.