Name a supply shock that has affected the U.S. economy on more than one occasion
What will be an ideal response?
increase or decrease in the price of oil
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Currency appreciation benefits importers
Indicate whether the statement is true or false
The marginal labor cost curve for a monopsonist
a. is equal to the supply curve of labor b. lies above the supply curve of labor c. lies below the supply curve of labor d. is affected by the fact that workers are less willing to work than under conditions of perfect competition e. is lower than the marginal revenue product of labor in equilibrium which assures the monopsonist a return to monopoly power
The profit-maximizing decision for the monopoly is:
A. to choose price according to demand. B. to choose the quantity where marginal cost equals marginal revenue. C. the same as that of the perfectly competitive firm. D. All of these statements are true.
Suppose that your income during Year X was $50,000, and the CPI for Year X was 150 (base year = Z=100). Back in Year Z your income was $30,000. Has your real income (in year z dollars) increased or decreased from Z to year X? By how much?
A. Increased by $5,000. B. Increased by $3,333. C. Decreased by $5,000. D. Decreased by $3,333.