Labor markets are generally perfectly competitive markets
a. True
b. False
Indicate whether the statement is true or false
False
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The CPI is a measure of the:
A. average level of prices relative to prices in the base year. B. price of a specific good or service. C. rate of inflation. D. real wage.
Sally derives utility from consuming apples and tacos as shown in the table above. Apples cost $1 each and tacos cost $2 each. If Sally's income is $9, she will consume
A) 5 apples and 2 tacos. B) 3 apples and 3 tacos. C) 1 apple and 4 tacos. D) no apples and 4 1/2 tacos.
Answer the following questions:
a. If aggregate expenditures falls by $5 million, and the MPC is 0.80, explain the process that will drive the economy to a new equilibrium level. b. What will be the final result of this initial change?
The law of diminishing marginal utility helps explain: a. why most individual demand curves are straight lines. b. why most supply curves slope upward
c. why most individual demand curves slope downward. d. why marginal utility falls when total utility falls.