Studying for my test: 1.Many cooks view butter and margarine to be substitutes.
ID: 1093377 • Letter: S
Question
Studying for my test:
1.Many cooks view butter and margarine to be substitutes. If the price of butter rises, then in the market for margarine:
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2.A more efficient means of processing algae to produce an anticancer drug is discovered. As a result, the supply curve for the drug will:
3.If labor demand is downward sloping and labor supply is upward sloping, then when labor demand rises faster than labor supply, it is expected that real wages __________.
a. the equilibrium price will fall and the equilibrium quantity will fall.Explanation / Answer
.Many cooks view butter and margarine to be substitutes. If the price of butter rises, then in the market for margarine:
--
2.A more efficient means of processing algae to produce an anticancer drug is discovered. As a result, the supply curve for the drug will:
3.If labor demand is downward sloping and labor supply is upward sloping, then when labor demand rises faster than labor supply, it is expected that real wages __________.
a. the equilibrium price will fall and the equilibrium quantity will fall.