According to the Keynesians, labor contracts
a. are unimportant for modern labor markets because few worker are unionized.
b. mean that real wages are inflexible.
c. mean that money wages never adjust.
d. imply that nominal wages adjust, but only periodically.
D
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The higher the number of people who have access to e-mail, the more valuable it is to everyone. This is an example of a(n) ________
A) moral hazard B) adverse selection C) network externality D) negative externality
The price of peanut butter falls and as a result the demand for jelly increases. We can conclude that: a. peanut butter and jelly are substitutes
b. peanut butter and jelly are complements. c. peanut butter and jelly are inferior goods. d. the marginal value of jelly is greater than the marginal value of peanut butter.
Government intervention may achieve a more optimal outcome than the market mechanism when addressing
A. The supply of new hot dog stands. B. Consumption of cigarettes. C. Inefficient bureaucracy. D. None of the choices are correct.
A Nash equilibrium:
A. sometimes may not be reached because people do not assume that others act rationally. B. will always be reached. C. sometimes may not be reached because people assume others react rationally. D. is always reached in game playing.