Microeconomics and macroeconomics are closely intertwined
a. True
b. False
Indicate whether the statement is true or false
True
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________ is the difference between the willingness to pay and the price paid for a good
A) Producer surplus B) Consumer surplus C) Seller's profit D) Revenue
If the demand for labor increases
I. employment increases. II. the real wage rate increases. A) Only I is correct. B) Only II is correct. C) Both I and II are correct. D) Neither I nor II is correct.
Because of diminishing returns, an economy can continue to increase real GDP per hour worked only if
A) the per-worker production function shifts downward. B) there is technological change. C) there are decreases in human capital. D) there continue to be decreases in capital per hour worked.
In the long-run equilibrium for a monopolistically competitive firm, price:
A. exceeds marginal cost. B. is equal to marginal revenue. C. is equal to marginal cost. D. exceeds average total cost.