An equilibrium in the labor market is a situation in which:
A. there is no pressure for wages to change.
B. there is no unemployment.
C. wages exceed minimum wage.
D. marginal revenue product equals the wage.
Answer: A
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If persistent inflation was due to declines in long-run aggregate supply, what pattern would be observed?
A) Only prices of services would increase; prices of goods would remain constant. B) Increases in the price level would occur simultaneously with increases in real GDP. C) Increases in the price level would occur simultaneously with decreases in real GDP. D) Only prices of goods would increase; prices of services would remain constant.
What does it mean to say that a perfectly competitive firm is a price taker? Can't a firm set any price it chooses?
What will be an ideal response?
Opportunity cost is the value of the next best alternative to a given choice.
Answer the following statement true (T) or false (F)
If an individual perfectly competitive firm charges a price ________ the industry equilibrium price while competitors charge the equilibrium price, the firm will not sell any of what it produces.
A. equal to B. above C. below D. More information is needed to answer the question.