Suppose the economy is experiencing a recessionary gap. In the long run, the money wage rate ..., unemployment ..., and the price level...
What will be an ideal response?
falls; falls; falls
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The supply curve indicates the minimum quantity that a producer would be willing to supply at alternative prices
Indicate whether the statement is true or false
The supply of movie tickets at one theater's box office for this Saturday's 4:30 show of a new movie is
A) perfectly elastic until all seats are filled. B) unit elastic. C) perfectly inelastic. D) elastic.
Refer to the above figure. The figure gives the payoff matrix for two individuals who are being accused of robbing a bank together. If Bob does not confess, what is the best strategy for Harry?
A) Confess. B) Don't confess. C) Flip a coin to decide what to do. D) There is no best strategy.
Goods that are rival in consumption, but not excludable are:
A. a common resource. B. a public good. C. an artificially scarce good. D. a private good.