Unformatted text preview: result in a ___ high ___________ wage or salary. 5. A "low demand" for workers coupled with a "high supply" of those same workers will result in a ____ low ________ wage or salary. 6. With the $20 you have in your pocket, you decide to buy a new CD of your favorite recording group. If your next best use of that $20 would have been to purchase a new jacket for the winter, then the value you would have received from buying that jacket is the ___ opportunity cost ____________ of the $20. 7. The market system guides resource allocation through the "signals" provided by ____ prices __________. 8. Along a demand curve, the higher the price per unit, the __ fewer ______ units purchased by consumers. 9. For a "normal good", an increase in income will __ increase _________ the number of units of the product or service purchased. 10. For an "inferior good", an increase in income will ___ decrease _________ the number of units of the product or service purchased....
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This note was uploaded on 10/22/2009 for the course ARE 201 taught by Professor Eryuruk during the Fall '08 term at N.C. State.
- Fall '08