In this graph, at point e2, workers ______.
a. begin settling for lower wages
b. begin demanding higher wages
c. realize wages are rising faster than costs
d. realize wages have reached a maximum
b. begin demanding higher wages
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Because it does not face competition from other firms, a monopolist is guaranteed to make excess profits over time
Indicate whether the statement is true or false
The market value of all final goods and services produced in a nation during a particular period is called the: a. gross domestic product. b. net national product
c. national income. d. gross national product. e. gross world product.
Necessities tend to have inelastic demands, whereas luxuries tend to have elastic demands
a. True b. False Indicate whether the statement is true or false
A public good is
A. a good deed done by someone who refuses payment. B. something produced and sold by the government, for example, electricity provided by a government authority. C. something whose consumption by one person does not prevent its consumption by other people. D. something that is good for a country, but not necessarily for private individuals.