Question 1
To conduct a partial equilibrium analysis of a change in consumer preferences toward coffee and away from tea, you must consider
◦ changes in the equilibrium price and quantity of coffee.
◦ changes in the amount of resources allocated to the production of coffee.
◦ changes in the price of resources allocated to the production of coffee.
◦ All of these
Question 2
Suppose that a town has two major bottling plants. One of these bottling plants is unionized and the union has just negotiated a 7% wage increase each year for the next two years. Which of the following is most likely to occur?
◦ The price of labor in the unionized bottling plant will increase, but there will be no changes in the price of labor in the nonunionized bottling plant.
◦ The price of labor will change in both the unionized and nonunionized bottling plants, but no other input markets will be affected.
◦ The price of labor will change in both the unionized and nonunionized bottling plants. Employment of labor and other inputs is also likely to change in both bottling plants.
◦ The only effect will be that the price charged by the unionized bottling plant will increase to cover the additional costs of labor.
Some of the bacteria that can fix atmospheric nitrogen, converting it into a form usable by plants.
Plants
Population of Major Civilizations of Europe, Asia, and Africa, AD 1500
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Sexual Reproduction in Plants