The Demand for Corn Has Increased in May Without Any

question 115

Multiple Choice

The demand for corn has increased in May without any change in supply. Eight months later there still has been no change in corn prices. This is an example of a

• A) price floor.
• B) price control.
• C) sticky price.
• D) macroeconomic price.

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Definitions:

Electronic Devices

Gadgets like smartphones, laptops, and tablets that operate on electrical power and digital information.

Supply of Labor

The total hours that workers in the economy are willing and able to work at a given wage rate.

Demand for Labor

The total amount of workers employers are willing and able to hire at a given wage rate in a certain period.

Unemployment

A situation where individuals who are willing and able to work cannot find a job.