Which of the following would increase the demand for labor? (i) a decrease in the output price (ii) an increase in the output price (iii) a labor-saving technological advance (iv) a labor-augmenting technological advance
a. (i) only
b. (i) and (iii) only
c. (ii) only
d. (ii) and (iv) only
d
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When long-run average costs are declining for the entire range of demand, the firm is known as a(n):
a. local monopoly. b. regulated monopoly. c. monopolistically competitive firm. d. natural monopoly. e. oligopoly.
It is purely by chance that what producers intend to produce for consumption will equal what consumers intend to consume
Indicate whether the statement is true or false
In 2007 and 2008, the prices of both corn and soybeans increased sharply because
A. corn and soybeans are "alternative outputs." B. unprecedented expansion in all federal government price support programs. C. of an unseasonably warm spring in the "grain belt" states of Indiana, Illinois, and Iowa. D. all agricultural grain prices always rise and fall together.
China has a ______ exchange rate with the United States, while Japan's exchange rate with the U.S. is determined by ____________.
Fill in the blank(s) with the appropriate word(s).