Why is the economy at full employment in the long run?
A) Only wages have the ability to adjust.
B) Only price can adjust.
C) Prices don't adjust.
D) Wages and the price level eventually adjust to full employment equilibrium levels.
E) Government policies eventually converge on the full employment strategy.
D
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A) Cournot model B) Nash model C) Bertrand model D) kinked-demand model E) none of the above
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Indicate whether the statement is true or false
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a. the value of housework done by householders b. the selling of illegal drugs c. playing tennis with friends on a Sunday afternoon d. casual labor in sweatshops that is unreported e. going to a Dodgers-Expos game on your day off
What is the law of diminishing returns? Give a descriptive example
Please provide the best answer for the statement.