Examlex
If the labor supply curve shifts to the left,the equilibrium real wage ________ and the equilibrium level of employment ________.
Infinitely Inelastic
Describes a situation where the quantity demanded or supplied does not change regardless of price changes.
Economic Rents
The excess payment made to a factor of production over and above what is needed to bring that factor into production, often seen as a measure of market inefficiency.
Aggregate
A total sum or amount made up of distinct components, often used in economics to refer to total output or income.
Equilibrium
An equilibrium where demand meets supply in the marketplace, stabilizing prices as a consequence.
Q24: If price controls are initiated, we would
Q26: In the figure above, people would be
Q54: If there is a permanent adverse supply
Q82: Employing Figure above with equilibrium initially at
Q99: If falling prices cause an expectation of
Q119: Excessive unemployment benefits and government overregulation are
Q120: Which of the following countries had the
Q122: Let the marginal leakage rate be 0.5
Q166: On a diagram of the consumption function
Q185: If people completely adjust for any error