In the efficiency wage model with the efficiency wage above the market-clearing wage, when employment is at its full-employment level
A) labor supply equals labor demand.
B) there is an excess supply of labor.
C) there is an excess demand for labor.
D) there could be either an excess demand for, or an excess supply of, labor.
B
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Use the following graph of total revenues to answer the question below. 
When the seller is earning maximum revenues from selling Product X, the demand is
A. inelastic. B. perfectly inelastic. C. elastic. D. unit-elastic.
In the long run, what happens to the demand curve facing a monopolistically competitive firm that is earning short-run profits?
A) The demand curve will shift to the right and became more elastic. B) The demand curve will shift to the right and became less elastic. C) The demand curve will shift to the left and became more elastic. D) The demand curve will shift to the left and became less elastic.
The fact that consumers often react more to changes in the posted price of a good as compared to changes in the sales tax that is not posted is an example of
A) salience. B) salinity. C) stupidity. D) rational ignorance.
The union wage differential
A) varies substantially across employment sectors. B) increases during expansions. C) has remained fairly constant over the past 30 years. D) is greater for private sector employees than for government sector workers.