In the long run, a decrease in money supply, with the velocity of money stable or not decreasing, results in inflation
Indicate whether the statement is true or false
false
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If a minimum wage is set above the equilibrium wage rate, employment
A) will increase. B) will not change. C) will decrease. D) may increase, decrease or not change depending on how the supply of labor is affected by the minimum wage.
The rising portion of a perfectly competitive firm's marginal cost curve, above the intersection with AVC, is its
A) demand curve. B) economic profit. C) supply curve. D) accounting profit.
It is most likely that the federal government will never actually pay off the national debt
a. True b. False Indicate whether the statement is true or false
In a contestable market,
A. A few firms collude to achieve monopoly profits. B. Many firms compete, which drives prices down to minimum long-run average total cost. C. Entry occurs when prices rise above average total costs. D. A few firms use predatory prices to achieve market share.