Fiat money is generally issued by
A) brokerage firms. B) private banks.
C) major multinational corporations. D) central banks.
D
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Why cannot firms leave the industry in the short run?
What will be an ideal response?
Suppose a monopoly producer is also a monopsonist in the labor market. Demand for the output is p = 100 - Q. The production function is Q = L, and the labor supply curve is w = 10 + L. How much labor does the firm hire? What wage is paid?
What will be an ideal response?
One of the key factors that determine an economy’s real GDP is labor productivity, which is a measure of
A. output per hour of work. B. labor force per hour. C. input per hour worked. D. total hours worked.
If the price of a candy bar increases from $1 to $1.50, the ____ will increase
a. producer surplus b. consumer surplus c. opportunity cost of producing a candy bar d. social marginal cost of producing a candy bar