The market supply curve shows the
A) minimum price suppliers must receive in order to produce another unit of the good.
B) maximum price suppliers must receive in order to produce another unit of the good.
C) amount of producer surplus suppliers receive.
D) profit that suppliers receive from producing another unit of the good.
A
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The real wage rate is the ________ divided by the ________
A) equilibrium quantity of employment; potential GDP B) nominal wage rate; inflation rate C) nominal wage rate; price level D) quantity of labor demanded; quantity of labor supplied E) quantity of labor supplied; quantity of labor demanded
Potential GDP is the maximum output a firm is capable of producing
Indicate whether the statement is true or false
The used car market may be inefficient because the purchase of a used car often involves
a. natural selection b. moral hazard c. hidden actions d. open-access resources e. hidden characteristics
The official fiscal year budget deficits disappeared from 1998 to 2001
a. True b. False Indicate whether the statement is true or false