If effective, a government-set price ceiling will lower equilibrium price and quantity in a market.
Answer the following statement true (T) or false (F)
False
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A compensating wage differential is a wage premium paid in order to:
A) recognize a more efficient employee. B) attract workers who have a family to support. C) improve the goodwill of a firm hiring workers. D) attract workers to otherwise undesirable occupations.
If there is a dollar-for-dollar direct expenditure offset, then
A) increases in aggregate demand will also increase long-run aggregate supply. B) increases in government spending will not increase aggregate demand. C) increases in aggregate demand will increase the price level, but leave real output unchanged. D) increases in aggregate demand will increase real output, but leave the price level unchanged.
The information conveyed by changes in market prices is especially important in financial markets because
a. It forces individual investors to reveal their information about the prospects of a security b. It assesses business decisions c. It helps firms forecast the future demand for products d. All of the above
A firm maximizes its profit at a level of output, where the additional revenue earned by selling an extra unit of the output is equal to the additional cost borne for producing that extra unit of the output
a. True b. False Indicate whether the statement is true or false