Answer:
yes it is correct
Equilibrium can only occur at one price .
Answer:
Jae should do nothing and continue purchasing the same amount of pens and pencils.
Explanation:
The current rate of substitution that maximizes Jae's utility is Px / Py = 0.50 / 0.10 = 5. That means that Jae will purchase 5 pencils for every pen that he buys, and that is exactly what he is doing right now.
Answer:
True
Explanation:
When wage is above equilibrium wage, there would be excess of supply over demand. The quantity of labour demanded would rise.
The rise in wages would increase the cost of hiring labour. In order to maximise profit, the quantity of labour demanded would fall. This would increase unemployment.
I hope my answer helps you.
Answer:
A consumer because the citizens would be considered consumers not the government i think