New technology that increases labor productivity will
a. lower the wage rate
b. decrease the demand for labor because fewer workers are needed
c. decrease the supply of labor because fewer workers are needed
d. increase the demand for labor because the MPP curve shifts to the right
e. decrease the demand for labor because the MPP curve shifts to the left
D
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Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output. This level of output, Q1,
a. exceeds the level of output at which marginal revenue equals marginal cost. b. exceeds the level of output at which marginal cost equals average total cost. c. falls short of the level of output at which price equals marginal cost. d. exceeds the firm's efficient scale of output.
According to the text, the government can use aggregate demand management policies to reduce unemployment rates. A byproduct of this policy will be
A. an increase in the price level. B. a decrease in real GDP. C. a decrease in the price level. D. an increase in the budget surplus.
The consumption schedule shows the relationship of household consumption to the level of:
a. The marginal propensity to consume b. Disposable income c. Investment d. Saving
All of the following variables are used to calculate total profit except
A. output. B. price. C. AVC. D. ATC.