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Author Question: The supply curve for high-skilled labor lies to the A) right of the supply curve for low-skilled ... (Read 144 times)

tiara099

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on: Jun 29, 2018
The supply curve for high-skilled labor lies to the
 
  A) right of the supply curve for low-skilled labor because more people want a high-skilled job.
  B) left of the supply curve for low-skilled labor because more people want a high-skilled job.
  C) left of the supply curve for low-skilled labor because it is costly to acquire skills.
  D) right of the supply curve for low-skilled labor because fewer high-skilled people are willing to work for a low wage.

Question 2

If the owner of a local movie theater wanted to increase the theater's total revenue from movie admissions, what should the owner do with ticket prices?
 
  What will be an ideal response?


spencer.martell

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

If moviegoers' demand is elastic, the owner should lower prices. If the demand is inelastic, the owner should raise prices. If the demand is unit elastic, price changes have no effect on total revenue.


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