The Motor Vehicle Builders' Union Bargained for Higher Wages and More
The Motor Vehicle Builders' Union bargained for higher wages and more benefits for its members. As a result of the higher wages and increased benefits, i. the quantity of new cars supplied decreases.
Ii) the supply of new cars decreases.
Iii) the supply of new cars increases.
A) only i
B) only ii
C) only iii
D) both i and ii
E) Neither i, ii nor iii is correct.
If the Motor Vehicle Builders' Union successfully negotiates a wage increase for its members, how does the wage hike affect the supply of cars?
A) The quantity supplied decreases.
B) The supply increases.
C) The supply decreases.
D) The quantity supplied increases.
E) Both answers B and D are correct.
It is expected that the price of a tonne of wheat will increase in one month. This belief will result in
A) an increase in the current supply of wheat.
B) no change in the current or future supply of wheat.
C) an increase in the current quantity supplied of wheat.
D) a decrease in the future supply of wheat.
E) a decrease in the current supply of wheat.
An increase in the number of fast-food restaurants
A) increases both the demand and supply of fast-food meals.
B) increases the supply of fast-food meals.
C) increases the demand for fast-food meals.
D) increases the demand for substitutes for fast-food meals.
E) raises the price of fast-food meals.