During the recession witnessed in early 2001, many firms laid off their employees and downsized. The reason for this decrease in the demand for employees was:
a. a reduction in the demand for final goods.
b. a reduction in the prices of final goods.
c. an increase in the demand for final goods.
d. an increase in the prices of final goods.
e. the incompetency and poor performance of the employees.
Question 2
Which of the following is a possible difference between health care and other products?
a. The demand curve for health care may be steeper than the demand curve for other products.
b. The demand curve for health care is a horizontal line, whereas the demand curve for other products is downward sloping.
c. The supply curve for health care is fixed, whereas the supply curve of other products change with a change in its determinants.
d. The demand for health care is positively related to price, whereas the demand for other products is inversely related to price.
e. The supply of health care is inversely related to price whereas the supply of other products are positively related to price.
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