9.1 Resource Markets

A rightward shift in the demand curve for engineers increases wage and # of engineers employed

Which of these are resource substitutes?

A new toothbrush reduces the # of dentist visits, how does this affect the demand for dentists?

What role do households most often play in the resource market?

A resource demand curve slopes downward.

An increase in the price of oil increases the demand for coal.

Which of these results from achieving an equilibrium wage?

Technological improvements always shift the labor demand curve to the right.

Which of the following would not shift a labor supply curve?

During a recession, the supply of labor would

If demand for solar-powered cars increases, how would this affect demand for auto. engineers?

Firms are demanders in the resource market.

Demand for a construction company derives from demand for

It is nearly impossible for firms to make substitutions in production.